The Ferret says a Preston City Council loan alone won’t save the venue from closure.

The live music spot made a statement this morning after Blog Preston reported that the Council had approved a loan to the Music Venue Trust, who are are looking to purchase the freehold of the building.

Deputy Leader of Preston City Council, Councillor Martyn Rawlinson, had earlier told Blog Preston he was “delighted” the Council could help save The Ferret.

Cllr Rawlinson said: “Alongside a combination of donations and grants, the loan has helped raise enough funds for The Music Venue Trust to put in a bid to buy the building and save The Ferret, on Fylde Road, so it can remain open.”

Read more: Preston City Council to help Music Venue Trust secure The Ferret

The Ferret’s statement, which was posted to Facebook shortly after, told followers to “put your champagne away for now”.

It continued: “The full amount needed for Music Venue Trust to put an offer in on the building has not yet been raised.

“This generous loan from Preston City Council was originally offered to MVT last year, and had already been factored into MVT’s figures. Today’s announcement is a formalisation of that loan offer.

“So, unfortunately, nothing has really changed today. The Ferret is NOT saved. We are still in the same position: the building is on the market, and we don’t have enough money to put an offer in.

“MVT have been working hard to raise the funds to get us over the line, as have our own fundraising efforts, but we still have some distance to go.

“So, thanks for all your well wishes, and thanks very much to Preston Council, but this isn’t over just yet. We keep fighting!”

The Ferret has been listed for sale with commercial estate agents Morgan Martin since last year with a price of £795,000 to buy the building.

A crowdfunding campaigning was launched by regulars to find a way to save the venue from closure.

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