The Ultima Handicap Chase has a long history at the Cheltenham Festival. It was first run in 1946 as the National Hunt Handicap Chase, operating without a sponsor for many years.
Sponsorship began during the 1980s, with the Ritz Club lending its name to the race from 1981 to 1996. Astec Buzz Shop sponsored briefly in 1997, followed by a longer sponsorship period with William Hill from 1998 to 2010.
In 2011, the race took on a special significance. Businessman Andy Stewart and his family, dedicated to supporting spinal research, sponsored the race to raise awareness for the Spinal Research charity. JLT Specialty Ltd took over sponsorship in 2012 and 2013, followed by Baylis & Harding in 2014. Since 2015, Ultima Business Solutions has been the race's sponsor.
Since its inception, the race has seen many fantastic winners. Three horses have the distinction of winning the Ultima Handicap Chase twice:
- Sentina (1957, 1958)
- Scot Lane (1982, 1983)
- Un Temps Pour Tout (2016, 2017)