Music Venue Trust (MVT) set up the ‘Own Our Venues’ campaign in May 2022 and announced they raised over £2.3 million for the project last Friday.
The campaign, which gained support from many key music industry figures and artists such as Ed Sheeran, Foals, and FKA Twigs, launched the initiative with the aim of taking ownership of music venues from private landlords and freeholders, offering music fans the chance to buy shares in their favourite local independent venues to secure their future.
Since then, MVT has raised over £2.3 million in donations and investments from contributions from 1,261 individual investors via Crowdfunder.
MVT is set to write to all investors before the 17th of April with a clear modelled plan to start the purchase of venues, and plans to complete the purchase of its first venues prior to Summer 2023.
Photo: Music Venue Trust / Facebook.com
“We are delighted to let you know that the Music Venue Properties Board met today and voted unanimously to move ahead with modelling the purchase of the first set of Grassroots Music Venues,” said MVT in a statement on their website.
“The initiative is seeking to acquire nine venues in its first phase. On completion of the purchase, the venues will be offered an immediate rent reduction and help contribute to building repairs and insurance, while also guaranteeing long-term security and market-resistant rents.”
Following the chaos of the COVID-19 pandemic, Brexit, and the cost of living crisis, it seems many of Britain’s favourite grassroots venues will be protected thanks to this initiative.
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Header image credit: Music Venue Trust / Facebook.com