Fast-growing managed service provider Timico Technology Group has been announced as the new sponsor of the Cheltenham Gold Cup, the feature race of The Festival over four days in March at Cheltenham Racecourse.

The Timico Cheltenham Gold Cup, run on the final day of The Festival, Friday, March 18, 2016, will receive an immediate prize money boost of £25,000 and will be worth a record £575,000.

Cheltenham's richest race, which has a long and illustrious history, became available for a new sponsor for the first time since 1979 three weeks ago.

Timico quickly emerged as the front-runner to take over the sponsorship of the Cheltenham Gold Cup, which is the most valuable Grade One chase in Britain, and has signed a four-year deal.

The first Cheltenham Gold Cup was a three-mile Flat race in 1819, won by Mr Bodenham's Spectre. It was turned into the present day chase in 1924, when Red Splash was successful and gained win prize money of £700.

Timico, started in 2004 by Chief Executive Officer Tim Radford, has expanded through organic growth and acquisitions. Radford previously founded the Project Telecom Group which was floated on the London Stock Exchange in 2000 and aquired by Vodafone for £162 million in 2003.

Headquartered in Newark, Nottinghamshire, and with offices in London, Milton Keynes, Reading and Fareham, the telecoms business employs more than 400 people and plans to use sponsorship of the Gold Cup to further build its reputation ahead of a projected stock market flotation in 2017.

Timico is an independent information and communications technology service provider, offering a range of network connectivity, cloud, unified communication, managed IT and mobile solutions. Its clients include Travis Perkins, World Gold Council, The Restaurant Group plc, Goodwood, Greene King plc, Jimmy Choo, The National Trust and The Savoy Hotel.

Ian Renton, Regional Director of Jockey Club Racecourses South West, commented: "I am delighted that we are able today to announce Timico's involvement in the Cheltenham Gold Cup.

"We're delighted to work with a partner who is so keen to use the national platform the Cheltenham Gold Cup offers to become much more widely known as part of the next stage of their growth strategy and I very much look forward to working with them to ensure that their sponsorship of the Gold Cup proves hugely rewarding.

"It is rare that a sponsorship opportunity as prestigious as the Cheltenham Gold Cup becomes available and, in the short window offered, there have been a number of different organisations that have expressed an interest in this sponsorship. I am confident that Timico will prove to be an excellent partner for our flagship race.

"All the team at Cheltenham really look forward to working with Tim Radford and his colleagues at Timico as we anticipate the first running of the Timico Cheltenham Gold Cup, the start of a great new partnership between Timico and The Jockey Club."

Radford said: "We're thrilled to have been chosen as the new sponsors of the Cheltenham Gold Cup. As an ambitious business working in a fast-paced industry, we were quick to recognise the tremendous opportunity of partnering with The Jockey Club to be part of one of the country's most prestigious events.

"Technology is now the lifeblood of every organisation, large and small. We're passionate about delivering our clients the high quality ICT infrastructure they need to stay connected and stand out from the crowd. In turn, we're very excited about this unique partnership helping us connect with a far wider audience on a global scale."