Sheffield’s people and businesses will be given the opportunity to buy shares in the city’s local music festival, Tramlines Festival, as part of a £1.2 million bid. The bid is being put together by Music City Foundation, a not-for-profit organisation which aims to preserve the Tramlines Festival for the benefit of the City of Sheffield. Last year, Tramlines generated more than £6 million across the city of Sheffield during the festival weekend.
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. The offer will be open until mid June to ensure that the opportunity is widely accessible. Share packages will start at £200 and registration will open on Wednesday April 12, 2017, at musiccityfoundation.org.
Music City Foundation’s director, Winston Hazel, said: “Music City Foundation plans to buy back the festival for the people. Our aim is to support both economic and cultural growth. 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 per cent of our population is employed by the creative industries. The national average is just four per cent. We want to ensure that Tramlines continues to support our vibrant culture while also contributing to the city’s economic success.”