Joe GallopThe Music Venue Trust (MVT) has launched a new campaign to encourage music fans to gift shares in its Music Venue Properties (MVP) scheme created to buy the freeholds of at-risk grassroots music venues.
The new campaign, ‘Give The Gift of Ownership’, allows anyone to gift a share with a minimum investment of £100 and no upper limit on donations. The recipients of shares automatically become a member and co-owner of MVP and its assets and will receive a guaranteed 3% APR return on their investment.
MVP has already identified nine potential grassroots music venue acquisitions throughout the UK. MVT said the new campaign will raise “much-needed” funds to pursue the project.
To date almost £2.5m has been raised from more than 1,200 individual investors and the Music Venue Properties crowdfunding platform ‘Own Our Venues’ has now re-opened for further share sales to support this campaign.
MVP director Chris Prosser (pictured) said, “By supporting the ‘Give The Gift of Ownership’ campaign music fans will provide much-needed resources for Music Venue Properties to acquire the freehold of more at-risk grassroots music venues. With 16% of the UK’s grassroots music venues having closed in the last 12 months at a rate of two per week, this initiative serves as a timely reminder that these are more than just spaces; they are cultural landmarks that have witnessed the rise of legendary bands and the birth of countless musical memories, while also acting as platforms for emerging artists to hone their craft and connect with fans.
“Giving the gift of ownership to friends and family this Christmas supports not only music but strengthens the communities these venues are a part of while proving that the public can and should take ownership of the cultural scenes they build.”