Harvey Nichols will be this year's main sponsor for the Bristol Balloon Fiesta.

The posh department store is not usually associated with bargains – but it picked one up for itself when it won a sponsorship package worth more than £120,000 for just £2,000 last night.

Harvey Nics was one of 100 businesses that paid the £2,000 fee to take part in a VIP dinner and draw staged by the fiesta's organisers at the Mercure Holland House hotel, St Mary Redcliffe.

Its win means that this year's event, which takes place from August 6 to 9, will now be known as the Harvey Nichols International Balloon Fiesta.

As the winning company Harvey Nics will have a branded hot air balloon, which will be viewed by half a million visitors attending the four-day ballooning event at Ashton Court.

Three runners up were also chosen. Hi-tech services company Applied Tech Systems won sponsorship of the Thursday evening night glow, while Bristol IT firm Spark Data Systems will have its name on the glow on Saturday night.

Savings, investment and insurance group National Friendly will have its name highlighted at the Red Arrows display at the fiesta after winning fourth prize.

The 100 organisations that invested are also set to receive corporate hospitality, balloon flight vouchers, a banner displayed in the main arena and VIP tickets to the event.

Head chef at Harvey Nics' Cabot Circus branch Louise McCrimmon said: "We didn't expect to win.

"It was an absolutely great event to be part of and great to be able to support that.

"To win was the icing on the cake, we're really thrilled.

"It is the start of a friendship between Harvey Nichols and the south west.

"The Balloon Fiesta is unique to Bristol.

"We've got stores across the country but nowhere is there an event like this."

Documentary TV channel the Discovery Channel had sponsored the fiesta for the last four years.

But its contact came to end with the 30th anniversary last year and so organisers had to find a replacement.

Organisers have stressed the change will have no bearing on the future of the annual four day display, the largest of its kind in Europe, as it is not reliant on sponsors.

Balloon Fiesta events director Susan Tanner said: "It's been fantastic, a lot of hard work went into it and we've got four very happy sponsors.

"All the people who came, even those who didn't win, had a fantastic evening and are looking forward to the fiesta.

"It is the first time we've ever done something like this.

"The fiesta was always going to run anyway but sponsorship is the icing on the cake and builds relationships for future fiestas."