Music Venue Properties announce purchase of Swansea venue

27 September 2024 - Press release

Groundbreaking Initiative Secures Long-Term Futures of Grassroots Music Venues

Shares in the scheme are available from www.musicvenueproperties.com

“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”

Music Venue Trust (MVT), the UK charity which represents hundreds of Grassroots Music Venues, has announced the first acquisition of a Welsh venue by Music Venue Properties under its groundbreaking #ownourvenues scheme.

The Bunkhouse, a 235 capacity live music venue, rehearsal space and photography studio in the heart of Swansea city centre, will now be placed into permanent protected status."The last few years have been a rollercoaster for The Bunkhouse and the music community in South West Wales. 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” said Jordan McGuire, Director of The Bunkhouse.

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."

Dubbed The National Trust for Grassroots Music Venues (GMVs), #ownourvenues was originally launched in 2022 as a crowdfunded project. To date almost £2.6m has been raised from over 1250 individual investors and funding, and received support from Swansea Council and Figurative, formerly part of Nesta, to realise this purchase.

Following the purchase, The Bunkhouse’s operators have signed a ‘cultural lease’ with Music Venue Properties (MVP), which is an innovative 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.

Music Venue Properties is the independent Charitable Community Benefit Society (CCBS) 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 Bunkhouse follows the acquisition in October 2023 of The Snug in Atherton, Greater Manchester and The Ferret in Preston in May 2024. Further venues across the country have been identified for purchase.

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!”

Alongside the security offered by the new cultural lease, The Bunkhouse is now directly supported in its ambition to bring music to its local community by a landlord that shares and supports that aim. This relationship is reflected in a commitment by MVP to remove The Bunkhouse from the pressures of the commercial lease market by offering a rent reduction and a contribution towards building repairs and insurance. MVP will also be working with Jordan to develop parts of the building that are currently unused.
93% of GMVs are tenants with the typical operator only having 18 months left on their tenancy. This issue of ownership underpins almost every other challenge that GMVs have faced during the last twenty years including gentrification, noise complaints, under-investment, poor economic models, and an inability to plan for the future.

Matthew Otridge, COO of Music Venue Properties said, “After almost three years of hard work, I am thrilled that MVP has been able to move The Bunkhouse into Community Ownership. The road to the eventual purchase was complex, and at times difficult, but for me it was clear from the start just how important this venue is, and it was never a question of if MVP would buy this venue, it was how would MVP make this purchase happen. I look forward to working with Jordan - who is a fantastic venue operator - in both supporting his current work, and realising his ambitions for the future, and I also want to thank Swansea City Council and Figurative for their support in making this a reality.”

Swansea Council's Cabinet Member for Investment, Regeneration and Tourism, Swansea Council Cllr Robert Francis-Davies, said: "A £1bn regeneration programme is ongoing in Swansea to transform our city into one of the UK's best places to live, work, study, visit and enjoy. New developments are being created for employment and entertainment, and heritage buildings like the Albert Hall and Palace Theatre are being brought back to life. It's equally important though that we support existing grassroots businesses because they're so important for local jobs, the local economy and local opportunities. This is why we're delighted to be working in partnership with the Music Venue Properties to help secure the future of the Bunkhouse.

“Swansea’s cultural offer has been a significant driving force for regeneration and these partnerships will help us attract more investment, visitors and footfall to the city centre. Venues of this kind give an important platform for diverse interests and audiences, and are a launchpad for up and coming musicians to showcase their talent. We fully support the efforts of the Bunkhouse and the wider Music Venue Trust partnership alongside the Arena and Swansea Music Hub to raise the profile of this work and what needs to be in place for it to thrive."

For further information and to invest in the scheme, please visit www.musicvenueproperties.com where a full overview of this new initiative can be found.