Caterham has been recognised as the 'Business of the Year' by the Motorsport Industry Association, receiving the award this week at the annual MIA Business Excellence Awards held in Birmingham.

As well as the Caterham F1 team, the group also consists of Caterham Cars, Caterham Composites and the recently-launched Caterham Bikes, as well as the Caterham Technology & Innovation (CTI) specialist engineering services division.

"Both CTI and the rest of the Caterham Group are honoured to receive this award from a body whose members are some of the finest engineering minds in the world," said Graham Macdonald, CEO of the Caterham Group. "This really is an accolade from peers, which makes holding this trophy all the more special and satisfying because they recognise the great work that is being done across the Group."

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2013 was a big year of growth for their group, which was celebrating its 40th anniversary with the launch of its new light-weight Seven 160 race car and its d?but in the Le Mans 24 Hours

"This has been one of the most challenging but successful years in Caterham's history," said Macdonald. "We've shown our first new road model in 18 years in the AeroSeven, and we've had such positive international reviews for the new Seven 485, 620R and 160 models - but we're proud to be staying true to our roots.

"We have exciting plans for an expanded range of Caterham road vehicles with accessible fun at their very heart, improved manufacturing facilities, the new Caterham Bikes and Moto2 GP arms of the Group and our on-going activities with the pinnacle of motorsport - F1," he added. "Being the recipient of this award reminds us we are on the right track - that is where we are determined to stay."

The MIA was created in April 1994 and in its nearly 20 year tenure has helped to grow member businesses substantially. It was been a beacon for motorsports by working with UK and EU government to ensure the solid long-term role for the industry within the national economy.