Baillie Gifford is on the verge of withdrawing its sponsorship from all book festivals following a backlash over its alleged links to fossil fuels and Israel.
A number of high-profile events, including Hay Festival, Edinburgh International Book Festival and Borders Book Festival, have ended long-running partnerships with the investment firm after threats of boycotts from authors and protests by activists.
On Wednesday Wigtown Book Festival, in Dumfries and Galloway, became the latest to announce it was cutting ties with the company.
Baillie Gifford, which manages £225 billion in assets and has sponsored some events for decades, has been targeted by the activist group Fossil Free Books over its investment in fossil fuels and companies that have commercial dealings with Israel.
Jenny Niven, director of Edinburgh