The Cheltenham Literature festival is set to boost the local economy by over five million pounds.

Celebrity speakers such as Ronnie Wood, Nigel Mansell and Chrissie Hynde have drawn record crowds and critical acclaim as the festival’s popularity continues to rocket.

Increases in ticket prices will benefit the festival directly, but surrounding hotels, restaurants and shops will be boosted too.

Many business owners believe this is one of the busiest times of the year- second only to the racing festival every March.

Since 2010, the total figure has increased year on year and they believe 2015 will be no different.

Businesses big and small across the spectrum of hospitality and retail will all benefit.

Montpellier is set to benefit directly from the Literature Festival
Montpellier is set to benefit directly from the Literature Festival

Alison Cardoza is the manager of Cologne and Cotton, a home ware store opposite the Montpellier Gardens festival site. She’s been praising this year’s festival in comparison with previous years.

“This year’s festival has been quite good, the literary festival in previous years hasn’t been as good as it has been this year.

“As far as other festivals are concerned, the food festival doesn’t really do anything for trade. There are always plenty of people around but it’s not necessarily good for trade.

“People are starting to talk and plenty of people are here so it is good.”

The picturesque Promenade will also do well from the Festival
The picturesque Promenade will also do well from the Festival

Away from Montpellier, businesses on the Promenade towards Cheltenham town centre are also benefitting. Gary Clooney from The Green Coffee Machine, a mobile coffee trailer in the centre of the Promenade has seen an improvement in business.

He said: “Business has been fantastic, the last two days have been very very good. We’ve made sure we’re prepared and we’ve got enough stock.

“Apart from race week, I find this time the busiest of the year. There’s a really nice buzz in the town, nice people- it’s really good for the town.”

The Cheltenham Festival Company carried out a study estimating the local economy received £5.2 million in 2014.

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