'I'm proud and delighted to see that we are a new entry this year, straight in at Number 19,' commented Tony Attard when the news was released. In a tribute to the workforce employed at the company's headquarters at Spring Mill in Fence, Mr Attard went on to state that 'To have attained this position with a workforce of just 60 is all the more remarkable. It's down to their support and dedication that we have achieved so much.'

Panaz is the only soft furnishings company in the list's top 40 – a poignant reflection of Lancashire's changing industrial and commercial landscape. 'We believe that Spring Mill is now the only mill in the Pendle valley which retains a direct connection to the textile heritage of the area,' reflects Mr Attard. 'We are conscious both of the responsibility which this brings with it and of the need to uphold this tradition whilst continuing to move forwards in terms of technological and design development.'

Founded by Mr Attard in 1986, Panaz was established with the aim of producing flame retardant textiles for the international contract market which not only meet stringent flame retardant specifications but which pioneer trends in design and colour stories. A past winner of two Queen's Awards - for Export Achievement and for Innovation - the company now operates worldwide, offering a constantly evolving portfolio to meet all applicable standards relating to contract furnishings in hospitality, healthcare and commercial environments.

Lancashire's Hot 100 is a league table of the county's top 100 small and medium-sized enterprises, ranked by pre-tax profit. Using data publicly available from Experian, supported by research based on accounts filed at Companies House, the 2008 survey was compiled by Haworths Chartered Accountants and published by Lancashire Business View magazine in association with East Lancashire Chamber of Commerce. All rankings are by pre-tax profit based on two years' worth of figures.