The shop, run by John Gold and Valerie Johnson, was announced as the runner-up Independent Takeaway Fish and Chip Shop of the Year 2014 by awards host Jean-Christophe Novelli at a prestigious ceremony at London's Lancaster London hotel.
Ten finalists, representing respective parts of the UK, were pitted against each other during the final stage of competition judging in the race for the coveted title.
All faced a rigorous judging process over the past few months, culminating in presentations to a panel of industry judges in a Dragon's Den style pitch.
Quayside in Whitby, North Yorkshire won the overall national title, while Papa's Barn in Ditton, Kent came third.
John Gold of Frankie's Fish and Chips said: "The 2014 National Fish & Chip Awards has been an unforgettable experience for us and we're so proud to have placed second in the flagship takeaway award category.
"I'd be lying if I said I wasn't a little bit disappointed to have been pipped to the post, but coming second is testament to the hard work of the team and shows the product we're putting out there is of a very high standard.
"A big well done to Stuart Fusco and everyone at Quayside - they've got a great business and I'm not sorry to lose out to someone like that."
Scotland also won big in the Best Seasonal Fish and Chip Operator category, which was awarded to Tralee Bay Holiday Park in Oban.
Shops were assessed on a wide variety of judging criteria including product quality, customer service, food preparation procedures, hygiene, innovation, staff training and development, marketing and promotional activity, and approaches to sustainable sourcing.
While there are no big cash prizes up for grabs at the awards ceremony, winning the title has in the past resulted in sales increases of up to 100 per cent for winning shops.