Music Venue Trust purchases The Bunkhouse in Swansea for #OwnOurVenues scheme
The Bunkhouse's future is now secure.
By Nick Reilly
The Music Venue Trust has announced the acquisition of Swansea music venue The Bunkhouse, the latest move in its pioneering #ownourvenues scheme.
Launched in 2022, the #ownourvenues scheme strives to purchase the freeholds of grassroots venues. The investment project will allow music fans to buy in at a return of 3% APR, with the pooled cash going towards buying the venues outright in a bid to avoid being beholden to third party landlords that sometimes threaten the future of venues.
The Ferret in Preston and The Snug in Atherton were previously saved under the scheme, but this is the first time a venue in Wales has had its future secured.
The Bunkhouse is a 235 capacity live music venue, rehearsal space and photography studio in the heart of Swansea city centre.
“The last few years have been a rollercoaster for The Bunkhouse and the music community in South West Wales,” said Jordan McGuire, director of The Bunkhouse.
“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 musicscene in Wales, and the thought of it disappearing was heartbreaking for everyone.
“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 musicscene 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.”
So far, almost £2.6m has been raised from over 1250 individual investors and funding for The Bunkhouse, alongside support from Swansea Council and Figurative.
Following the purchase, The Bunkhouse’s operators have now signed a ‘cultural lease’ with Music Venue Properties (MVP), which is an 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.
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!”
Earlier this week, Davyd also spoke to Rolling Stone UK and stressed that the government should cut VAT on tickets for small venues.
“It’s a very young government, but the reality is that small venues are still paying 20 per cent VAT on tickets that are losing them money. That makes no sense,” says Davyd. “They’ve had no certainty on their business rates, and we still have a massively distorted music industry in which a tiny, limited number of companies and individuals are making extraordinary amounts of money while we are dealing with venues that are going to have to close down because they haven’t got a thousand pounds.”