The Ferret: Threatened Preston venue given community asset status
- Published
The venue originally opened as The Mad Ferret in 2006 and became a cornerstone of the city's student quarter
A music venue which was under threat after the building which houses it was put up for sale has been registered as an asset of community value.
The Ferret in Preston, which has hosted shows from Ed Sheeran, Buzzcocks and Idles, was marketed in March as having potential for a residential conversion.
The city's council granted an application for the status, which means any sale cannot proceed for six months.
General manager Matt Fawbert said the listing was a "positive first step".
The Local Democracy Reporting Service said that while The Ferret's lease does not expire until 2023, news of the planned sale left the long-term future of the grassroots venue on Fylde Road in doubt.
'Slows down the process'
The site, which employs about 10 staff, originally opened as The Mad Ferret in 2006 and became a cornerstone of the University of Central Lancashire's student quarter.
Listing it as an asset of community value means that locals and similar interested groups will be given the chance to prepare a bid for the property before it is sold.
However, it does not dictate who the building can be sold to or at what price.
Mr Fawbert said the listing was a "welcome recognition of the value of The Ferret to the city".
"It gives us time to try and work things out - and that work starts now," he said.
"It just slows down the process and shows any other potential buyers there is a community that values The Ferret."
He said the business was "still active" with time on the lease, "so any buyer would have to take that into account", adding: "They couldn't just evict us."
The venue plans to work with the Music Venue Trust and the city council on a way forward for the building, , which stands on the site of Preston's first steam-powered cotton mill.
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