Baillie Gifford withdraws sponsorship from Cheltenham Literature Festival

The Cheltenham Literature Festival has announced that asset management company Baillie Gifford has ended their long-standing partnership.

Organisers said the event was seeking alternative funding after Baillie Gifford ended a long-standing partnership. 

It follows weeks of scrutiny over literary festivals supported by Baillie Gifford and a flood of author withdrawals in support of Fossil Free Books, a collective which has criticised the company’s links to fossil fuels and Israel.  

Organisers said in a statement they were “saddened to announce that Baillie Gifford have decided to end their partnership with Cheltenham Literature Festival”.

The statement reads: “Culture and literature are by their nature engaged in the world beyond them. It is not possible—we should not aim—to isolate one from the other. Recent intense discussion of the ways in which literature festivals and their methods of funding interact with and impact on that outside world has been a salutary reminder of our interconnectedness.”  

“Many have in the past weeks noted that contemporary literature festivals rely on a mix of funding which includes a significant sum generated through corporate sponsorship. These funds ensure that wide access to a diverse culture remains something we can offer to all. Without it, there would be no free events, ticket prices would increase, schools programmes would reduce in scope; some festivals would close.”  

The festival, which is also sponsored by the Times and Sunday Times newspapers, added: “It is therefore with sadness that we announce the withdrawal of a major sponsor, Baillie Gifford. We have been grateful for the funding they have provided and have turned it to positive ends: to increasing access to, and representation within, the very public debates that can affect lasting change. We would not have chosen to find ourselves in this position.  

“Every year for 80 years, we have platformed the most prominent writers and thinkers in the world, and championed progress. We will continue to do so, although like all literature festivals we operate within a straitened financial context.” 

It comes as The Borders Book Festival announced it was also cutting ties with the investment firm. The festival’s directors said they made the decision “with great regret” after protests around Baillie Gifford’s sponsorship.  

Last week the Edinburgh International Book Festival (EIBF) and Hay Festival both cut ties with the company. On the EIBF’s statement last week, FBF said its demand has always been "that Baillie Gifford divest their stakes in companies profiting from human rights abuses so that they can continue to support literary festivals across the country".

In an open letter published in the Scotsman last week, several Scottish authors criticised the FFB campaign.

Jenny Niven, EIBF director, told The Bookseller it has been “an unprecedented time” with the team “facing challenges which are not run-of-the-mill for a festival”.