Baileys is withdrawing its sponsorship of the Women’s Prize for Fiction – the award that honours the best novel of the year written in English by a female author.

Parent company Diageo has left organisiers is looking for a new sponsor.

The award, which gives £30,000 to the winner, was formerly known as the Orange Prize for Fiction from 1996 to 2012, until Orange pulled out to concentrate on film industry sponsorship.

Baileys then sponsored the prize in 2014 as part of a three-year partnership and backed it in 2017 as part of a rolling annual sponsorship.

Syl Saller, chief marketing officer at Baileys’ parent Diageo, said the company would increase its promotional activities across English and non-English-speaking markets, the BBC reported.

The prize also has media and brand partnerships with Waterstones, Amazon, Grazia and Whistles.