The event was financially supported by Sir Stuart Goodwin, a Yorkshire steel industrialist. He had sponsored a foursomes tournament, the Goodwin (Sheffield) Foursomes Tournament, in 1952, 1953 and 1954 with prize money of £3,000 and another in 1956, the Stuart C. Goodwin Tournament, with prize money of £5,250. The £5,250 was the largest ever for a British golf event surpassing the £3,750 at the 1956 Open. All the tournaments were held in the Sheffield area, the 1953 event being held at Lindrick.