Music Venue Trust confirms breakthrough success of ‘Own Our Venues’ campaign
The Music Venue Trust has confirmed the success of its ‘Own Our Venues’ campaign, and the organisation can now start purchasing grassroots gig venues across the UK. The pioneering campaign was announced last May with the backing of several high-profile artists, including Ed Sheeran.
Following the initial announcement last year, the MVT raised over £2.3million from donations, investments and charitable events. “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,” an MVT spokesperson said in a press 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 donors contributed to the exact figure of £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,” the MVT added.
“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.
Reports suggest that Music Venue Properties will write to all investors before April 17th with a structured plan to begin the purchase of grassroots venues. If things run smoothly, the first venues will be purchased before the summer.
Towards the end of the fundraising 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.”
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