Music Venue Trust buys first venue under “National Trust of venues” public ownership scheme
legendary gig spaces like North London’s Nambucca and Sheffield’s Leadmill were closing their doors or under threat, respectively.Having been backed by Ed Sheeran, the scheme aims to secure the long-term futures of such venues by directly tackling the issue of ownership.The campaign has been likened to “The National Trust, but for venues”. Earlier this year, a similar stand-alone initiative was launched by Sister Midnight in a bid to become Lewisham’s first community-owned venue run by shareholders.Today (October 4) the MVT has shared details of the first grassroots music venue to have been purchased by Music Venue Properties (MVP) – the independent Charitable Community Benefit Society (CCBS) created by the MVT to progress its plans to revolutionise cultural ownership in the UK.The official launch of The Snug – a 100-capacity venue in Atherton, Greater Manchester – took place this morning, as did the unveiling of a commemorative plaque.Many of those who helped the #OwnOurVenues scheme to fruition attended the opening, along with some local musicians – Ivor Novello-winner Jamie Lawson and 16-year-old Jennifer King, the latter of whom is a shareholder in MVP.Music Venue Properties announce first venue purchase with shares bought by the live music community! @SnugAtherton has become the first acquisition under #OwnOurVenues scheme!Official Launch Event held today at The Snug to Celebrate new ownership +unveil a commemorative plaque! pic.twitter.com/HmDamLlrRl— Music Venue Trust (@musicvenuetrust) October 4, 2023Unlike a charity, a CCBS can raise funds via community shares.