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Business News Deals Live Business
Tramlines Festival agrees to £1.2 million takeover bid
By Andy Malt | Published on Monday 10 April 2017
The promoter of Sheffield’s Tramlines Festival – Tramline Events – has agreed to a £1.2 million buy-out bid by the not-for-profit Music City Foundation.
Launched in 2015 as the Tramlines Foundation, “in order to secure the future of the community festival”, the Music City Foundation already owns 15% of the annual event. It plans to raise half of the money required to buy the remaining share via crowdfunding.
“Current owners Tramlines Events have agreed to the bid price of £1.2 million, which is below market value, in order to encourage investment from the city’s people and businesses”, says the foundation, noting that last year the event generated £6 million for the local economy.
MCF director Winston Hazel says in a statement: “Music City Foundation plans to buy back the festival for the people. Our aim is to support both economic and cultural growth”.
He adds: “Sheffield is one of the most culturally diverse and stimulating cities in the UK. It is the birthplace of Arctic Monkeys, Pulp and Bring Me The Horizon. 7.4% of our population is employed by the creative industries. The national average is just 4%. We want to ensure that Tramlines continues to support our vibrant culture while also contributing to the city’s economic success”.
An official launch event for the takeover bid will take place on Wednesday at 7.30pm, at which point registration for the crowdfunding campaign will open. The minimum amount for bids is set at £200 and the campaign will run until June.
This year’s Tramlines Festival is set to take place on 21-23 Jul. If all goes to plan, the foundation will take over running of the event from 2018.
More information here, or just watch this video:
