Preston City Council has confirmed it will loan £150k to the Music Venue Trust to help save The Ferret.The money will go to the Music Venue Trust’s Own Our Venues campaign, which launched as a crowdfunded project in May 2022 with the aim of taking control of the freeholds of nine premises.
Any potential sale was delayed when Preston City Council accepted the property on to Preston’s register of assets of community value for six months.A combination of donations and grants has so far seen over £500,000 raised to save The Ferret. Cllr Martin 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.
On completion of purchase, The Ferret would be offered an immediate rent reduction and help to contribute to building repairs and insurance.
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