In particular, Heseltine was commended for his recognition of the importance of offering readers high-quality, targeted editorial. Past recipients of the award, given in recognition of proven excellence, include Terry Mansfield, John Brown and Felix Dennis.
Heseltine's publishing career began in 1957 when he and his business partner, Clive Labovitch, formed Cornmarket Publishing and acquired the quarterly magazine Man About Town and turned it into the UK's first glossy men's magazine.
Haymarket Publishing was launched out of Cornmarket Publishing in 1964 and further acquisitions throughout the decade followed. The company's hi-fi group was founded out of Amateur Tape Recording and The Manager was redesigned as Management Today. At this time Haymarket also acquired Autosport, which became the foundation of the company's motoring group.
By the late 60s, Haymarket developed Campaign from Worlds Press News and launched Accountancy Age.
In the early 70s, Heseltine stood back from Haymarket to pursue his political career. He returned in 1997, becoming its chairman in 1999, by which time the company published more than 100 titles in 23 countries across the globe.
Heseltine said: "It's a great privilege to be awarded the Marcus Morris Award. It is commonplace in such circumstances for people to say that the real credit must go to the people with whom they worked. There cannot be a more appropriate form of words for me."