Member Article

Jazz co-op aim to save Newcastle pub and music venue with community share offer

A co-op set up following the death of Newcastle Jazz Cafe owner Keith Crombie want to buy The Globe pub near the Metro Radio Arena and develop the venue for musical learning.

The Pink Lane Jazz Co-op has made an offer for the freehold purchase of The Globe, which has been accepted subject to contract.

Two ethical funds will help to finance the purchase via a £75k 15-year loan. The agreement depends on the 72-member-strong co-op raising £125k through a community share offering.

Members of the public are being invited to invest between £200 and £20k to share a stake in the venue and have a say in its running.

Dave Parker, a founding member of the Co-op told Bdaily: “While this is a business proposition, our motivations are really musical and artistic. Owning the premises makes it financially viable for us to operate in a way that wouldn’t be possible if we were to use space in somebody else’s business.

“The Globe is the just right for what we want to do. Space for around 200 people dancing downstairs with an upstairs room and roof terrace ideal for education workshops.

“The rooms would allow us to have two different events happening at once and it could even accommodate a full weekend event.”

Members of the Pink Lane Jazz Co-op at its launch

If successful in the project the group will spend £152k on the freehold of the building, and estimate a further £45k for refurbishment and equipment.

The Globe is being sold by Lancashire pub firm Trust Inns Ltd, as part of its 2013 disposal programme.

It is proposed that former tenants Kerry James and Vicky Tate will run the pub and pay £12k tenancy a year with no ‘beer-tie’, which will re-coup costs for the co-op.

The tenants would be responsible for running the premises but Pink Lane Jazz Co-op will manage use of the pub’s function rooms which will be used to develop a centre for learning and developing musical skills.

Dave added: “The Globe is already established as a music venue and we really want to retain that while broadening the scope of musical events there. One of our aims is to bring Jazz to a wider audience.

“We can’t do that while being stuck away in an upstairs room, but The Globe is a place where other music is going on. People who might be coming to dance or indie events will be exposed to jazz.”

The co-op say they are keen to support local food suppliers and brewers in the venture.

Potential investors now have until March 21 to buy their shares.

The group are holding an event on Monday March 3 for potential investors to find out more about the project. The event takes place at Newcastle’s Lit & Phil from 6pm, where free champagne and a buffet will be available.

More information on the project is available from the Pink Lane Jazz Co-op website here.

This was posted in Bdaily's Members' News section by Tom Keighley .