Preston City Council loans thousands to the 'Own Our Venues' campaign to help save The Ferret

The Ferret, a long-standing venue which has hosted artists such as Ed Sheeran and Alt-J, is one of nine venues included in the campaign ‘Own Our Venues’.

In March 2022, The Ferret found out that the building which houses them was up for sale, and reached out to the Music Venue Trust (MVT) and Preston City Council for help.

Own Our Venues was launched as a crowdfunded project by MVT in May and is the first step in a long-term campaign to take control of the freeholds of music venue premises, bringing them under a protected status of benevolent ownership.

MVT says 93% of GMVs are tenants with the typical operator only having 18 months tenancy left, and this ownership issue underpins almost every challenge that GMVs have faced during the last twenty years including gentrification, noise complaints, under-investment, and an inability to plan for the future.

Own Our Venues has received a boost to its campaign thanks to a £150k loan from Preston City Council. The fundraiser will close on March 30 and the charity is now calling on other councils to also invest.

Cllr Rawlinson, Deputy Leader of Preston City Council said: “Live music venues are an important part of our city centre arts scene and without independent venues like The Ferret, local bands would have nowhere to go to get the experience they need, playing in front of a live audience.

“The Music Venue Trust have done a great job raising the profile of our struggling music venues across the UK. We felt that it was important that we did what we could to help support the Ferret’s campaign to raise the funds to purchase the building and stop it from being sold for commercial development. We wish the Music Venue Trust and The Ferret the best of luck in securing the funding they need.

“Having MVT as its new landlord would give the venue greater security and confidence in its future and allow the team to continue to invest in the city’s grassroots music scene.”

Cllr Peter Kelly, Cabinet Member for Arts and Culture added: “We are delighted to have been able to help Music Venue Trust and The Ferret with a loan to help meet their fundraising target and their plight to save the building from redevelopment. We hope that MVT can find the remaining funds and the venue can be saved for the residents of Preston, and all the local bands that have the venue to thank for helping them on their musical journey over the years.”

£1.8m of the target £2.5m has already been secured and MVT aims to begin purchasing venues in April. Meanwhile, The Ferret continues its local crowdfunding campaign to #SaveTheFerret, which also closes on March 30.

Matt Fawbert, general manager of The Ferret, said: “The biggest worry now, is that the property is in the hands of a private landlord, and they have put the property up for sale. It just shows, you can fight through the pandemic and you can get through all sorts of problems but the landlord could take this away at any point by selling the building. Help us save the Ferret, get involved now, let’s own our venues.”

You can donate to The Ferret’s personal fundraiser here, which has currently raised £36,141 of a newly lowered £45,000 target. You can also attend a #SaveTheFerret gig, with various fundraising shows taking place over the next month.

Matthew Otridge, Ownership Coordinator, Music Venue Trust commented: "We are delighted that Preston City Council are supporting our efforts to save The Ferret and move it into Community Ownership. Like The Ferret, the GMVs we are looking to purchase at this stage are at the forefront of the live music provision in their towns and cities - In fact, some are the only remaining live music venue. It is therefore imperative that other local Councils follow PCCs lead and support this campaign in recognition of these vital cultural and community hubs. We must Own Our Venues.”

The ‘Own Our Venues’ concept is built on the Community Share model that has been successful in saving and protecting local pubs, post offices and sports grounds, and is seeking to acquire nine venues in its first phase.

Further venue freeholds will then be identified and secured as and when they become available. On completion of purchase the venues will be offered an immediate rent reduction and help to contribute to building repairs and insurance, while also guaranteeing long term security and market resistant rents.

Since the launch of the ‘Own Our Venues’ initiative, hundreds of individuals and organisations have already pledged their support, including high profile investors such as Ed Sheeran, Frank Turner and musician-turned-venue-owner Ben Lovett, alongside major music industry companies such as Sony Music Entertainment and Warner Music. Arts Council England has also confirmed a grant of £500,000 to the project, which is not included in the crowdfunded total.

Investments in the Own Our Venues initiative, which start at £100 and can go up to £100,000, can be made here, with a guaranteed 3% APR return. Alternatively, those who would rather make a one off donation can do so here.