The buy-a-brick scheme launched a few months back in a last ditch attempt to save iconic Sydney venue The Annandale Hotel must be working as owners Matt and Dan Rule, who had been looking to sell the business for over a year, have decided that they are ready to pull down the ‘For Sale’ sign that has been posted on the side of the building for some time.
The scheme, designed to reduce the huge amount of debt suffocating the important live music venue, has sold over 150 bricks according to Matt Rule who spoke with The Music Network. The Rule brothers have also sold off the venue’s poker machines to help pay down the debt and are now hoping a number of bands who have played their and music industry professionals will jump on board the brick scheme.
“The ‘For Sale’ sign going down is due to a couple of things,” Rule said in the interview. “The great early response to the buy a brick campaign with just over 150 sold so far, and to show the public and music industry that we’re 100% into doing everything we can to rebuild and secure live music at the Annandale.”
“We’re a long way off where we need to be,” he continued. “But so far the public have been great in getting right behind the buy a brick concept; we now just need to get the music industry to do the same. We hope that our show of confidence in taking down the sign will inspire them to do their bit as well.”
The brothers made the grissly discovery of debts of over $2.5 million after buying into the local music icon over a decade ago and since then have been working feverishly to keep their heads above water. Money used from the sale of bricks will be used towards an upgrade which will include overhauling the ageing live music room, replacing beer-soaked carpets and renovating parts of the exterior.