“In particular, we’re looking for demonstration of a strong financial performance and all-round excellence in innovation, leadership and a clear involvement within the Merseyside community.”

Philip Rooney, office managing partner of DLA Piper's Liverpool office, believes the business leaders who have navigated successful courses through the choppy economic waters are deserving of recognition.

He said: “In the business world, inspired leadership has never been more important than at times like the present when there seem to be new challenges to face every day – many unexpected and novel.

“The Liverpool city region has a strong track record in developing business leaders whose outstanding credentials provide an example to us all.

“The leaders of today are people whose original thought, acumen and innovation provide an example to us all. “Our well-run companies represent our successful future in the continuous drive to attract investors, create employment and boost the economy.

“Importantly, the people who guide these companies play an essential role in the overall development of our communities to ensure that our future success is sustainable.”