The race was established in memory of the
2nd Baron Mildmay of Flete (1909–1950), an amateur National Hunt jockey who rode three winners at the Cheltenham Festival. The inaugural race took place in April 1951, because the planned running, in March, had to be abandoned, due to a waterlogged course. It was originally titled the
Mildmay of Flete Handicap Chase. The
Racing Post sponsored the race from 2006 to 2008, and during this period it was titled the
Racing Post Plate. The 2009 running was named the
Freddie Williams Festival Plate, in tribute to
Freddie Williams (1942–2008), a popular Scottish
bookmaker who owned a pitch at Cheltenham. The construction company
Byrne Group supported the event from 2010 to 2014 and from 2015 to 2020 it was sponsored by
Brown Advisory and Merriebelle Stable. The bookmaking firm Paddy Power sponsored in 2021. The Craft Irish Whiskey Co. took over the sponsorship from 2022 and the 2023 race was sponsored by
Magners. The race held Grade 3 status until 2022 and was reclassified as a Premier Handicap from the 2023 running when Grade 3 status was renamed by the
British Horseracing Authority. ==Records==