Whitbread, which operates brands including Costa Coffee, Beefeater and David Lloyd Leisure, has announced that its link with the prize no longer fits with the company's image. The firm has therefore invited new sponsors to buy naming rights to the prize.
Four companies are believed to be in negotiations with Whitbread to take over sponsorship of the 拢25,000 prize. Whitbread said it will ensure that the successful suitor will be committed to developing and nurturing the prize.
"With the company having entered a new era, the board has decided to review its sponsorship strategy," the company said in a statement. "In seeking to do so, Whitbread's number one priority is to find a like-minded organisation that shares our vision for this award and is committed to developing and nurturing it.
Whitbread created the awards in 1971 to celebrated the most enjoyable books of the year by writers based in the UK and Ireland.
Last year, the prize was won by Andrea Levy for her book 'Small Island'. Previous Whitbread winners include 'The Curious Incident of the Dog in the Night-time' by Mark Haddon, 'Birthday Letters' by Ted Hughes and 'The Amber Spyglass' by Philip Pullman, who was the first author to pick up the award for children's literature.
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