legendary gig spaces like North London’s Nambucca and Sheffield’s Leadmill were closing their doors or under threat, respectively.Having been backed by Ed Sheeran, the scheme aims to secure the long-term futures of such venues by directly tackling the issue of ownership.The campaign has been likened to “The National Trust, but for venues”. Earlier this year, a similar stand-alone initiative was launched by Sister Midnight in a bid to become Lewisham’s first community-owned venue run by shareholders.Today (October 4) the MVT has shared details of the first grassroots music venue to have been purchased by Music Venue Properties (MVP) – the independent Charitable Community Benefit Society (CCBS) created by the MVT to progress its plans to revolutionise cultural ownership in the UK.The official launch of The Snug – a 100-capacity venue in Atherton, Greater Manchester – took place this morning, as did the unveiling of a commemorative plaque.Many of those who helped the #OwnOurVenues scheme to fruition attended the opening, along with some local musicians – Ivor Novello-winner Jamie Lawson and 16-year-old Jennifer King, the latter of whom is a shareholder in MVP.Music Venue Properties announce first venue purchase with shares bought by the live music community! @SnugAtherton has become the first acquisition under #OwnOurVenues scheme!Official Launch Event held today at The Snug to Celebrate new ownership +unveil a commemorative plaque! pic.twitter.com/HmDamLlrRl— Music Venue Trust (@musicvenuetrust) October 4, 2023Unlike a charity, a CCBS can raise funds via community shares.