The Co-operative Loan Fund worked with other co-operative funds and advisers to help a group of jazz lovers to buy a pub and set up the UK’s first co-operatively owned music venue.
On 30 April 2014 Pink Lane Jazz Co-op bought The Globe, a 19th Century pub on the west edge of Newcastle city centre, with the aim of running it as a venue for live music, dancing and jazz education.
This followed a successful community share issue which attracted almost 200 investors, mostly from North East England. The co-operative’s finance package included a short-term loan from the Co-operative Loan Fund, a mortgage from Co-operative & Community Finance and investment shares from the Community Shares Fund. Pink Lane Jazz Co-op also received assistance from The Co-operative Enterprise Hub and Co-operatives UK. The new venture raised over £230,000 in total, all from co-operative sources.
Dave Parker, a founder member of Pink Lane Jazz Co-op, said: “We’re delighted by the support, investment and goodwill we’ve received. The idea of a music venue and education centre that’s a co-op has really excited people. It’s as though everyone in the co-operative movement was behind us.
“We have a long-term vision of establishing The Globe as an inclusive centre for jazz and improvised music – a place where people come to listen, play and dance; a place where artists can learn, share and develop their skills.”
Pink Lane Jazz Co-op was formed in early 2013 by a group of local residents, musicians, poets and others who were inspired by Keith Crombie and the Jazz Cafe he set up and ran for many years until his untimely death in December 2012.
Ian Taylor, Investment Manager at Co-operative & Community Finance, which manages the Co-operative Loan Fund, said: “We’re so pleased to have helped new kind of co-operative venture start up. We’ve supported community-owned pubs before but this is a bit different. It’s a city centre music venue rather than a village pub. There’s dancing till 3am!”
For more information please visit jazz.coop