Future of The Ferret in Preston secured
The iconic venue has been purchased by the Music Venue Trust securing its 'long-term future'.
Last updated 10th May 2024
Preston's iconic venue The Ferret has had its future secured after it's been purchased by the Music Venue Trust.
The 200 capacity venue, which has welcomed artists such as Ed Sheeran, IDLES, Alt-J, Royal Blood and many more, will now be placed into permanent protected status.
“This is a monumental moment for The Ferret,” said Matt Fawbert, Director & Programme Manager of The Ferret.
“We’re extremely pleased to be able to say that our venue is now safe & secure for years to come.
"We want to thank everyone who invested & donated, but today we especially want to thank our friends at Music Venue Properties.
"To have a landlord that is dedicated to live music and supporting grassroots music venues gives us the security & confidence to not only continue delivering great live music to the people of Preston, but also to invest even more in grassroots music and culture and create something very exciting in our city.”
Adam Devonshire of the band IDLES, who have played at The Ferret, said “We've been fortunate enough to be looked after by the wonderful, hard-working team at The Ferret on a couple of occasions now, so can easily attest to how important a role it plays within the city and how vital a cog it is within the network of grassroots venues in this country.
"Venues like this are the backbone of the industry and they must be protected by all means necessary. Up The Ferret and all who sail in her.”
Music Venue Properties is the independent Charitable Community Benefit Society, created by Music Venue Trust, and funded by the #ownourvenues investment scheme, to progress its plans to revolutionise cultural ownership in the UK.
The purchase of The Ferret follows the acquisition in October 2023 of The Snug in Atherton, Greater Manchester and a further seven venues across the country have been identified for purchase in this initial phase.
Like The Ferret, 93% of grassroots music venues are tenants with the typical operator only having 18 months left on their tenancy.
The Music Venue Trust say that the issue of ownership underpins almost every other challenge that grassroots music venues have faced during the last twenty years including gentrification, noise complaints, under-investment, poor economic models, and an inability to plan for the future.
Mark Dayvd, CEO of Music Venue Trust said, “This second purchase by Music Venue Properties is further demonstration that, when the music community comes together around a great idea, we can deliver real positive change to the UK's Grassroots Music Venue sector.
"The Ferret is the second venue removed from the commercial marketplace under the Own Our Venues scheme.
"It is now able to make long term plans for its future, and the future of live music in Preston, as a result of a new cultural lease that provides it with permanently protected status.
Alongside the security offered by the new cultural lease, The Ferret is now directly supported in its ambition to bring music to its local community by a landlord that shares and supports that aim.