Southampton: The Brook saved from closure
After an avalanche of interest the future of The Brook is now secure. Just 11 weeks after the business hit troubled waters, liquidators from corporate finance and business recovery specialists Fanshawe Lofts have successfully sold it to Stage4.
The music will go on at the popular Southampton venue after Stage4 bought the assets of The Brook. Directors of Stage4 are Steve Amey, Nick Lewis, Dylan Clarke, who has worked at the brook for the last 13 years, and Stewart Cross – owner of another of the city’s successful music venues, the Platform Tavern at Town Quay which is famed for its intimate live music and food offering.
It means that the doors will now remain open and music lovers from across the region can enjoy a packed programme including folk legend Richard Thompson on Thursday 9 and the Bog Rolling Stones on Saturday August 11.
Despite attracting enormous numbers of visitors, The Brook floundered this spring and Antony Fanshawe was appointed as Liquidator in May. He and his team took an early decision to trade the business forward whilst a nationwide search was undertaken to find new owners and he is delighted that the strategy has so swiftly delivered a positive outcome.
“We had more than 40 quality expressions of interest from prospective purchasers,” commented Fanshawe. “Our objective was to achieve the best possible return for creditors whilst ultimately securing a future for the venue.
“That involved ensuring that more than 28 gigs took place in the intervening period which enabled us to run with the best team at the best price and who will now be able to take the business forward.”
Phil Brown, of Fanshawe Lofts, added: “Regular gig goers have thrown their support behind us, as have the staff, and having been involved on a daily basis for the last three months it’s hugely rewarding to have secured the part time jobs of a team of more than 30 local people in the process.”
“This is a great day for the south’s music scene,” added Stewart Cross. “I am looking forward to welcoming customers old and new to The Brook and want to make August a celebration of the fact that we have been able to save this much-loved venue.”
The insolvency team at the Southampton office of leading national law firm Clarke Wilmott provided legal advice to Fanshawe Lofts. The deal was led by partner Matthew Barker with assistance from Maz Rahmati.
Rahmati commented: “We are pleased to have played a pivotal role in helping to push the deal through as quickly and smoothly as possible. Of course, we are also delighted that the people of Southampton will continue to have a first class live music venue on their doorstep. It’s always great to see a business rescued in this way.”
John Newton, head of commercial property at regional law firm Lamport Bassitt, commented: “We are delighted to have completed on the purchase of The Brook on behalf of Stage4. We wish the new owners every success.”
The Brook has a capacity of 600 and hosts a programme which lists international, national, and regional artists from a broad range of music genres from blues, R&B and indie to tribute, funk and jazz.
