The Music Venue Trust’s ‘Own Our Venues’ scheme has saved The Ferret in Preston from closure. The grassroots music venue, which boasts a capacity of 200, has hosted artists including Ed Sheeran, IDLES, Alt-J, and Royal Blood. It is the second venue to be bought by Music Venue Properties in an initiative that seeks to tackle ownership issues. A “cultural lease” has been signed between the venue and MVP, ensuring its long-term future within the local community.
The Ferret will become a permanently protected space under the scheme, joining The Snug in Atherton, Greater Manchester, as another successfully owned Music Venue Trust acquisition. Over 1200 individual investors contributed to the project, with Arts Council England and Arts & Culture Finance also making significant contributions. The CCBS has raised funds through community shares and is now dedicated to supporting grassroots music venues in the UK.
Matt Fawbert, Director & Programme Manager at The Ferret, stated, “We’re extremely pleased to be able to say that our venue is now safe & secure for years to come.” He also praised Music Venue Properties for their initiative, “To have a landlord that is dedicated to live music and supporting grassroots music venues gives us the security & confidence to not only continue delivering great live music to the people of Preston but also to invest even more in grassroots music and culture and create something very exciting in our city.”
The scheme is a response to a crisis facing the grassroots music sector in the UK, with around two venues per week closing according to Music Venue Trust’s full report into the state of the industry. The Trust is calling for a £1 levy on tickets for gigs at arena size and above, alongside compensation from major labels. Commenting on the second purchase by Music Venue Properties, Mark Dayvd, CEO of Music Venue Trust spoke of how #OwnOurVenues is “delivering real positive change to the UK’s Grassroots Music Venue sector”.
Read the full article on NME here: Read More