Music Venue Trust launches ownership scheme to save UK music venues

UK registered music charity, the MVT or Music Venue Trust has launched a brand new initiative today (Monday 23rd May) with the aim of taking ownership of music venues from private landlords and freeholders in Britain.

Music Venue Properties - the title given to the novel Charitable Community Benefit Society or CCBS - will offer music fans the chance to buy shares in their favourite, local independent music venues, with the aim of securing the future of grassroot music for generations to come. 

The new model will use funds raised by the public, via the 'Own Our Venues' Crowdfunder page, to buy music spaces from current proprietors driven largely by profits, thus eliminating the risk of closure in years to come. In addition to helping cement the legacy of clubs and venues UK-wide, those who acquire community shares will also benefit from a three per cent APR return on the investments they make. 

Leading the campaign to protect these vitally important places of culture and social interaction for nearing a decade, the Music Venue Trust continues to grow from strength to strength, providing legal, financial and event support to some nine-hundred live music spots across all four home nations. According to the charity, more than thirty-five per cent of grassroot venues have sadly had to close their doors for good in the past twenty years with many more expected to fold as short term tenancies come to an end and debt continues to rise, following the COVID pandemic.

Check out some of the huge names supporting the 'Own Our Venues' campaign - including Frank Turner, FKA Twigs, Foals and Nova Twins - in the video below...

So far, nine venues have signed up to take part in the pilot takeover scheme - The Polar Bear in Hull, The Ferret in Preston, Sunbird Records in Darwen, The Snug in Atherton, The Hairy Dog in Derby, The Palladium in Bideford, The Glad Cafe in Glasgow, Le Pub in Newport and the Bunkhouse in Swansea. Due to the exorbitant rate of rent for venue space in the southern regions of the UK, there are at present no venues representing London or any other cities and towns past The Midlands. However, as the pilot takes off, the MVT expects more support to become available for venues nationwide.

The first community shares are now available for purchase with an initial target of over three million pounds needed to purchase the aforementioned venues. More crowdfunding projects to secure other venue freeholds via community shares are expected to follow the pilot throughout 2022.

It seems there has never been a more critical time for UK venues. To find out how you can invest and help to save grassroot music spaces, visit www.musicvenueproperties.com. 

Check out our What's On Guide to discover even more rowdy raves and sweaty gigs taking place over the coming weeks and months. For festivals, lifestyle events and more, head on over to our Things To Do page or be inspired by the event selections on our Inspire Me page.