The fund, supported by more than 1,250 investors so far, has acquired 100-capacity venue The Snug located in Atherton, England.
A “groundbreaking” scheme that gives concertgoers the chance to own a share of their favorite grassroots music venues has acquired its first property in the United Kingdom, delivering a much-needed boost to a struggling sector that’s still yet to fully recover from the pandemic.
Share options begin at £200 , although investors under the age of 25 can buy single shares at a discounted rate of £100 . In return, investors receive 3% annual interest, generated through rent returns and more efficient running of the businesses, say organizers. To prevent big companies or corporations from becoming majority owners, shares are non-transferable and cannot be sold or traded with other investors.
In the last 20 years, more than 500 grassroots music venues have shuttered in the United Kingdom, reports the trust, with notable closures including London’s The Marquee, Astoria, 12 Bar Club and Madame Jojos. Contributing factors include rising rents and costs, long-term lack of investment and the gentrification of surrounding areas leading to noise complaints and restrictive licensing conditions.
To try and stop further closures, the trust has identified a further eight venues in U.K. towns and cities that it plans to purchase under what it calls a “world first” public ownership model and is in advanced talks with the landlords of two of those properties, says Dayvd. The trust’s long-term goal is to have a nationwide network of publicly owned properties whose status as music venues is protected for the long-term future.
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