Music industry embraces government's £1.57bn rescue package after lifeline for venues and jobs is unveiled

London music venue bosses today welcomed a £1.57 billion rescue package for UK arts industries, but said the cash must flow quickly to save venues and jobs.

The £1.15 billion support pot for cultural organisations in England will be made up of £270 million of repayable finance and £880 million of grants.

Alex Hill, president of AEG Europe which owns and operates venues including The o2, said: "The government announcement is welcome - but we need assurance that the funds will be distributed quickly, efficiently and fairly throughout the value chain. We also need to see a clear timetable to get back to live events - this is a fundamental requirement to get the industry back on its feet.”

Lohan Presencer, executive chairman of Southwark club Ministry of Sound, said: “Ministry is the most famous nightclub in the world, part of the rich culture of music venues in London that attract millions of tourists every year.

“It’s fantastic news and hopefully comes in time to save many music venues. We now keenly await the important detail around the application process, who will qualify and how claims will be calculated. This money needs to flow through to our sector very quickly to save jobs and businesses.”

Presencer said the Covid crisis had hit the business hard, with no date yet on when nightclubs can reopen. “We are completely closed with zero income yet our costs remain. With the tapering removal of the furlough scheme and inflexibility of other suppliers we were in danger of being squeezed out of business,” he said. “Venues like ours are a hugely important part of London’s rich culture. Great that the government has recognised the need to support us.”

Shabs Jobanputra, owner of the Notting Hill Arts Club and managing director of Relentless Records, added: “Notting Hill has a great tradition of venues and studios that have started or nurtured the careers of Bob Marley, U2, Adele to Mark Ronson and The Libertines. For most artists live music is their life blood. Great live music is an essential part to our lives and to London’s brand value globally. We must fight to save all our local venues."

The Government funding also includes money for the devolved administrations in Northern Ireland (£33 million), Scotland (£97 million) and Wales (£59 million) and £120 million to restart building on cultural sites.