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Our share offer is now live. Find out more and buy a share at Crowdfunder.
Let's imagine a better future for the UK's Grassroots Music Venues
Let's #OwnOurVenues
the problem
OWN OUR VENUES
35% of GMVs have closed in the last 20 years
93% of GMVs are tenants and the average operator has 18 months left on their tenancy
Since the start of the COVID crisis the sector acquired over £90m of new debt, yet 67% of Cultural Recovery Grant was paid to Landlords
GMVs and Landlords have different motivations. Landlords want to maximise investment. GMVs want to plan for the future, invest in sustainability, accessibility, diversity, artists and the venue itself
The issue of ownership underlies almost every other challenge that GMVs have faced during the last twenty years: gentrification, noise complaints, under investment, poor economic model and an inability to plan for the future
WHAT IS THE SOLUTION?
GMVs purchase their own properties. This is difficult to achieve and creates long-term problems such as succession planning
GMVs create Community Groups to purchase freeholds. We support operators/communities with advice and guidance to achieve this, but many do not have the resources or the ability to raise funds. Others are in areas of high deprivation
Music Venue Trust (MVT) creates a central charitable organisation to remove venues from commercial ownership. By purchasing freeholds and renting them back to operators on a friendly lease we can reduce rents, make contributions to insurance/repairs and offer rent breaks in the face of adverse conditions
SOLUTION: MUSIC VENUE PROPERTIES
MVT has set up a Charitable Community Benefit Society (CCBS) named Music Venue Properties (MVP)
Unlike a charity, a CCBS can raise money via Community Shares
By purchasing these shares, music fans and ethical investors will help raise funds MVP will use to buy freehold, whilst also receiving 3% APR on their investment
We can offer the majority of current operators an immediate rent reduction and help contribute to building repairs and insurance
MVP will offer long-term security and market resistant rents
MVT's #SaveOurVenues campaign raised over £4.1m with over 80,000 people contributing during COVID. We already have the crowd - we just need to ask them to invest
WHAT HAPPENS NEXT?
MVP has identified 9 venues for a pilot project that will allow us to establish proof of concept.
6 venues are in England, 2 in Wales and 1 in Scotland
We will raise £3.5m to purchase these venues and associated venues
We launched our Community Share Offer in May 2022 with a view of purchasing these venues before the end of 2022
This share issue will create the circumstances where great venue operators have the security and confidence they need to create great venues
We will then continue to identify and purchase venue freeholds as and when they become available. We will then continue to raise funds through selling community shares and borrowing against the freehold we have purchased
We will reinvest the rent received from the initial pilot venues to allow us to expand our portfolio
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