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Last Updated: Wednesday, 19 July 2006, 13:27 GMT 14:27 UK
Bank to end Hogmanay sponsorship
Edinburgh Hogmanay revellers
Royal Bank of Scotland money pays for most of the New Year party
Edinburgh's Hogmanay street party is searching for a new sponsor after the Royal Bank of Scotland (RBS) confirmed it is to end its backing of the event.

The bank has been the event's main sponsor for six years, providing annual funding of about 300,000.

Edinburgh's Hogmanay four-day celebrations cost about 1m.

RBS said it had decided to end the backing following a review of its sponsorship commitments. A new sponsor is now needed by next March.

Worldwide audience

David Jackson, Edinburgh Council's winter festivals manager, said: "We appreciate everything the Royal Bank of Scotland has done for Edinburgh's Hogmanay street party and accept that it is the nature of commercial organisations that their sponsorship portfolios will change.

"Such is the success of Edinburgh's Hogmanay that we are confident the event will be attractive to either a UK or multi-national sponsor wishing to increase their profile to a worldwide audience.

"This early notice from RBS allows us to time to engage with potential sponsors and secure funding for 2007/08."

Allan Watt, head of group brand communication at RBS said: "The Royal Bank Street Party is a fantastic event and we believe we have been instrumental in its development over the past six years.

"We keep our sponsorships under constant review and have decided that it's now time for us to move on."

He added: "Our commitment to Edinburgh remains strong through both our local sponsorship portfolio and community investment programme.

"We have always been a strong supporter of events in the city and this continues through our ongoing sponsorship of the Edinburgh Military Tattoo, The Royal Highland Show, Edinburgh Festival Fringe as well as our announcement earlier this year of a three-year sponsorship deal with Edinburgh International Book Festival."


SEE ALSO
Festivals rake in record amounts
20 Apr 06 |  Edinburgh and East
Capital's winter festival unveiled
01 Nov 01 |  Scotland
Praise for Hogmanay revellers
01 Jan 01 |  Scotland

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