Preston City Council’s plan to finance the purchase of The Ferret by Music Venue Trust has been approved.Advertisement
The Council is working with the Music Venue Trust – who are looking to purchase the freehold of the iconic live music venue which was given community asset status in May 2022.
Read more: Bid to save The Ferret could see iconic Preston venue come into community ownership
In support of the proposal, the council’s Chief Executive Adrian Phillips approved the request for a music venue loan on Tuesday 31 January.
A report to the Council states the purpose of the loan – for an undisclosed sum – is: “This local venue is facing the risk of closure as the landlord has the premises for sale on the open market.”
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Deputy Leader of Preston City Council, Councillor Martyn Rawlinson, said: “We are delighted to be able to help save one of Preston’s few live music venues by providing a loan to the Music Venue Trust.
“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.
“We will continue to seek to work with partners in the community to ensure this important independent music venue will be open for local residents, and wider audiences, to enjoy locally based live music, supporting artists and the wider music industry and improving the arts and culture offer in the city.
“We wish them luck with the next steps.”
The funding will come into force on Wednesday 8 February, details for the overall purchase are yet to be disclosed.
Blog Preston approached the Music Venue Trust for comment and were told more details would be released in the coming weeks relating to the venue.
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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