Grassroots London venue, The Social, has hit and exceeded its crowdfunding target of £95,000, which it needed to provide a down payment on the venue to stop its sale.
The Social is a legendary London venue that opened in 1999, and is one of the last music venues left in the West End.
Indeed, the Music Venue Trust (MVT) has revealed that 35 per cent of music venues have closed in the past decade and the business rate hike could force many more to shut down within months if things continue on in this way.
The Social launched an effective campaign – #SaveTheSocial – asking supporters for help as rent prices raised to the roof due to business rates, and the venue’s leaseholder received an offer from a buyer to purchase it and turn it into a cocktail and wine bar.
The venue had to raise money to pay a down payment on the venue and take it off the market within two weeks, and they succeeded. The payment will trigger a second round of private investment with the hope that the original founders will be taking full control of The Social lease to secure its long term future.
Now that the venue has raised the money for a down payment, they are extending the funding period to mid April to make some bar improvements and plan how to finance the next twenty years of The Social. They will be throwing a series of fundraising gigs and events, which kicked off this weekend on March 23 with a Fat Boy Slim DJ set.
You can find the crowdfunding page here, which is still open to support.