The Music Venue Trust (MVT), the UK charity representing hundreds of grassroots music venues (GMV), is pleased to announce that Music Venue Properties (MVP) has been awarded the second announced the acquisition.
Preston's Ferret, a 200-capacity venue that has hosted artists such as Ed Sheeran, IDLES, Alt-J and Royal Blood, among many others, will be placed in permanent protected status.
'Own Our Venues', dubbed the National Trust for Grassroots Music Venues, was originally launched in 2022 as a community equity offer. Approximately £2.6 million has been raised to date from over 1,200 individual investors. The funding is matched by a £500,000 investment from Arts Council England, and this figure includes a £150,000 loan from Preston City Council and a £500,000 loan from the Arts and Culture Impact Fund.
Following the acquisition, The Ferret's operators entered into a “cultural lease” with Music Venue Properties. This is an innovative agreement created specifically by MVP for as long as The Ferret operates as a grassroots live music space for the local community. They can enjoy the use of the building.
“This is a monumental moment for The Ferret,” said Matt Forbert, director and program manager for The Ferret. “We are very pleased to be able to say that our venue is safe for many years to come. We would like to thank everyone who has invested and donated, but today we would especially like to thank Music Venue Properties. I would like to thank my friends. Having a landlord who is dedicated to live music and supporting grassroots music venues means we can not only continue to bring great live music to the people of Preston, but even more to grassroots music and culture. It gives us the peace of mind and confidence to invest and create something great in our city.”
Adam Devonshire of the band IDLES, who has played with The Ferrets, said: The important role it plays within the city and how it is an important cog within the network of grassroots arenas in this country. Venues like this are the backbone of our industry and must be protected by all means necessary. Climb the ferret and all those who sail on her. ”
Music Venue Properties is an independent Charitable Community Benefit Society (CCBS) set up by the Music Venue Trust and funded by the Own Our Venues investment scheme to drive plans to revolutionize cultural ownership in the UK . The acquisition of The Ferret follows the acquisition of The Snug in Atherton, Greater Manchester in October 2023, with a further seven venues across the country identified for purchase at this early stage. .
Similar to The Ferret, 93% of GMV is tenanted and the typical operator only has 18 months remaining on their tenancy. This ownership issue underlies nearly every challenge his GMV has faced over the past two decades, including gentrification, noise complaints, lack of investment, poor economic models, and an inability to plan for the future.
Mark Dayvd, CEO of Music Venue Trust, said: “This second acquisition by Music Venue Properties is further proof that when the music community unites around great ideas, we can drive real positive change in the UK’s grassroots music venue sector.” Ferret is the second venue to be removed from the commercial market under the Own Our Venues scheme. As a result of a new cultural lease that gives it permanent protected status, it can now make long-term plans for its future, and the future of live music in Preston. We have already seen this make a huge difference to Snug in Atherton and we hope to see this project rolled out to even more venues across the country. ”
In addition to the security provided by the new cultural lease, The Ferret is now directly supported in its goal of bringing music to the local community by a landlord who shares and supports that goal.
Matthew Ottridge, Music Venue Properties: “Music Venue Properties is extremely excited to move our second venue into community ownership and be at the forefront of this exciting and much-needed grassroots movement. Just over two years ago, when a sign was installed on the front of the building, the building was for sale, and now the Ferret team is committed to bringing music to the local community. We look forward to working with landlords who support our ambitions, and the cultural leases created by MVP will help relieve many of the pressures of commercial leases, allowing operators to maintain long-term ownership of their buildings. Importantly, the Preston community and the artists who depend on this GMV network will also be able to start focusing on their grassroots music goals. It will continue to be a venue.”
For more information and to invest in this plan, please visit musicvenueproperties.com. Get a complete overview of this new initiative.