SCOTTISH Widows has announced that it will not be sponsoring next year's Parish Walk.

The company has been sponsoring the annual event for 22 years and has contributed more than £200,000 over this period.

Dean Waddingham, the managing director of Scottish Widows in the Isle of Man, said: "We are proud to have enjoyed a successful and productive 22 year partnership with the Parish Walk through Clerical Medical and Scottish Widows.

"Our involvement has helped the event grow in stature and popularity attracting walkers from all over the UK and overseas.

"However we feel that the time is now right for us to explore new initiatives. We are working with the organisers to make sure that the search for and transfer to a new sponsor can be an orderly process and remain committed to the Isle of Man through other projects."

Scottish Widows say they have given the Parish Walk organisers a year's notice to find a suitable replacement sponsor.

Raymond Cox, race director for the Parish Walk, said: "While we are sad our partnership with Scottish Widows is drawing to a close, and immensely grateful of the support Manx Harriers have received over the 22 year partnership, we are looking forward to building a new relationship with a new sponsor.

"The 2011 Parish Walk saw a record number of participants and its profile has never been higher and we have already had early discussions with interested parties."

The Parish Walk takes place in June each year and attracts thousands of walkers of all abilities who raise thousands of pounds for a range of charities.