The Bristol venue has exceeded its fundraiser target and will now be able to keep its doors open as a community-owned space for live music.
In August, Exchange revealed that their future was uncertain, and launched an appeal to save the space. The appeal, which involved the venue selling shares to the public, had a target of £250,000. Exchange also said it aimed to continue running – but as a community-owned music venue with those who pledged money to become a co-owner with “the power to shape its future”.
Live music is in trouble and we think Community ownership is the answer. We plan to raise £250,000 by selling shares and becoming Bristol’s first Community owned Music Venue. Join us – Buy a share, become a co-owner of Exchange Bristol. #saveexchange https://t.co/wJjLX6Vrar
— Exchange Bristol (@exchangebristol) August 13, 2018
Now, the venue has announced that it has exceeded its target by raising £300,850. A public post reads, “Thanks to everyone who believes in live music and community ownership we have now hit our stretch target.”
“Going into this campaign we felt as though it would be possible to make our £250k target, but it would be fair to say that none of us imagined we would make £300k and that’s a testament to what Exchange means to you guys and all the hard work from so many people behind the scenes.”
Exchange aren’t the only cultural space in the UK city to be threatened by closure. Last year, Thekla announced it was under threat due to proposed residential developments, which were later approved. While similar redevelopment plans were refused for independent arts venue The Brunswick Club, in September the organisers revealed they were unable to negotiate a longer lease with the landlord. As a result, they launched a day and night event to raise funds for their relocation plans.
