Own Our Venues campaign succeeds in securing first funding for MVT to start buying UK grassroots gig spaces

The Music Venue Trust has confirmed its Own Our Venues campaign has been a success, with the organisation now able to start buying grassroots gig spaces around the UK.

• READ MORE: Call for venues to own their buildings after Leadmill threat & Nambucca closure 

The project was announced in May last year with artists like Ed Sheeran backing the Own Our Venues campaign. In the months that followed, the MVT raised over £2.3million through a series of donations and investments.

“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 the MVT in a statement.

“This community owned society will now forge ahead to deliver one of the primary long-term goals of MVT; radical change to the ownership of the UK’s grassroots circuit to deliver stable, supported and ethically managed properties that provide long term security for Britain’s fantastic venue operators.”

In total, 1261 people contributed to the £2,318,210. “In the face of extraordinary times for the economy and the political life of the nation, this is a remarkable achievement and demonstrates once again that the music community believes passionately in the importance of these vital spaces for artists and audiences,” said the Music Venue Trust.

We did it!! The community raised £2,318,110 made up of 1212 investors for the #OwnOurVenues campaign. For more info on what happens now watch Mark’s video or read our full statement on our website https://t.co/RnLM6Wo6xn pic.twitter.com/rCnGVpDvMD

— Music Venue Trust (@musicvenuetrust) March 31, 2023

“MVT has a motto: ‘People who say it cannot be done should get out of the way of the people doing it’. I am immensely proud of my team for once again proving that the grassroots community are the people who can get it done,” added CEO Mark Davyd.

It’s reported that the Music Venue Properties will be writing to all investors before 17 April with a clear plan to start the purchase of venues, with the first ones set to be purchased before Summer 2023.

In the closing weeks of the campaign, the MVT explained that “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.”

Grassroots music venues have continued to face numerous challenges since the COVID-19 pandemic, with venue owners telling NME that the cost of living crisis, Brexit, cancelled shows and music fans’ last minute decisions on showing up have created “a perfect storm” for the sector.

The Music Venue Trust also warned in their 2022 annual report that grassroots gig spaces in the UK were “going over a cliff”.

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