Pictured: Nigel Mason, Co-operative Energy's Business Development Manager, Ben Reid, Chief Executive of The Midcounties Co-operative and Ramsay Dunning, Co-operative Energy's Group General Manager

The entrepreneurial spirit shown by The Midcounties Co-operative in launching its Co-operative Energy business has been recognised with a national award.

The Society won Best Corporate Venture at the 2011 UK Corporate Entrepreneur Awards, trumping established national businesses, including two of the 'Big Six' energy provider's npower and British Gas.

This national accolade adds to a host of successes achieved by Co-operative Energy, including gaining support of energy regulator Ofgem, reaching its 15,000th customer and winning Which? Consumer Action Award.

Ben Reid, Chief Executive of The Midcounties Co-operative, said: "Since launching Co-operative Energy in May 2011, the business has gone from strength to strength as the Co-operative model offers a new way of doing business, which has succeeded in prompting a much welcomed market reform.

"We saw an opportunity to introduce a trusted, historic brand into a dissatisfied energy market to offer a fair and honest deal to customers and we're pleased to be recognised for this by our award."

Peter Sayburn, Director at Market Gravity organising the event, said: "The nominations in this category were all particularly strong. Co-op Energy overcame high barriers to entry and aimed to disrupt the market with a simple proposition - strong renewables and community credentials aligned with Co-op's ethical brand values."

Over 200 UK business leaders and entrepreneurs gathered in London for the awards which celebrate enterprise and innovation within large businesses. Other categories included Best Reinvention of an Existing Product or Service and Best Example of Building an Entrepreneurial Culture.