MVT’s Own Our Venues scheme makes third purchase
UK charity Music Venue Trust (MVT) has announced a third acquisition by Music Venue Properties (MVP) under its Own Our Venues scheme.
The Bunkhouse, a 235-capacity live music venue, rehearsal space and photography studio in the heart of Swansea city centre, has become the first Welsh venue to be placed into permanent protected status by MVP.
Following the purchase, The Bunkhouse’s operators have signed a ‘cultural lease’ with MVP, which is an agreement specifically created by MVP to guarantee that, as long as The Bunkhouse operates as a space for grassroots live music for their local community, they can enjoy the use of the building.
MVP has also offered the venue a rent reduction and a contribution towards building repairs and insurance, and will work with the team to develop parts of the building that are currently unused.
MVP’s other purchases include The Ferret in Preston, secured earlier this year, and the October 2023 acquisition of The Snug in Atherton, Greater Manchester.
“The last few years have been a rollercoaster for The Bunkhouse and the music community in South West Wales,” says Jordan McGuire, director of The Bunkhouse.
“When the building went on the market, the threat of closure was very real, and it wasn’t just about potentially losing my business, it was about losing a home for the musicians, the artists, and the fans who have found their voice here. The Bunkhouse has played a pivotal role in shaping the music scene in Wales, and the thought of it disappearing was heartbreaking for everyone.”
“The Bunkhouse has played a pivotal role in shaping the music scene in Wales”
“Now, with Music Venue Properties stepping in as our landlord, those fears have been laid to rest. The future looks bright. We can finally focus on continuing to develop the next generation of talent, knowing that The Bunkhouse is secure and will remain a cornerstone of Swansea’s music scene long after I’m gone. This partnership ensures that The Bunkhouse will continue to serve as a place where musicians can express themselves and music lovers can immerse themselves in the experience for generations to come. I’m incredibly excited for what’s ahead.”
Mark Dayvd, CEO of Music Venue Trust said, “The Bunkhouse is the lynchpin venue for new and emerging artists in the Swansea scene. Jordan and his team have created an essential stop for any breaking band tour and it’s fantastic to see that work recognised and the future of this venue secured for decades to come. Long live Bunkhouse!”
Own Our Venues was originally launched as a Community Share Offer in 2022. To date, almost £2.6m has been raised from over 1,200 individual investors. MVP received support from Swansea Council and Figurative, formerly part of Nesta, to realise this purchase.
According to MVT, 93% of GMVs are tenants with the typical operator only having 18 months left on their tenancy.
The issue of ownership underpins almost every other challenge that GMVs have faced during the last twenty years, says MVT, including gentrification, noise complaints, under-investment, poor economic models, and an inability to plan for the future.
Earlier this year, Davyd told IQ that seven venues across the country had been identified for purchase in this initial phase and that MVP had offers on three of those venues – which would now include The Bunkhouse.
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