Music lovers have been given the chance to invest in a new venue that will bring jazz to the North East and save a former 19th-century pub at risk of being redeveloped.

A community share offer by the Pink Lane Jazz Co-op, formed by a group of musicians, hopes to raise £125,000 to buy and refurbish Newcastle's Globe.

Shares are available from just £200 and organisers hope to pay a return of around 5 per cent after three years.

Dave Parker, a founder of Pink Lane Jazz Co-op, said: "The Globe will be a place where musicians learn, share and develop their skills."

The scheme costs £230,000 but the rest of the money is loans and grants.

Michael Fairclough, of The Co-operative Enterprise Hub, said: "Communities are powerful catalysts for change and co-operation can be key to unlocking that potential, which is capable of overcoming many of the challenges facing society, the environment and the economy."

In fact there has been a near 25 per cent increase in the number of UK co-operative enterprises since 2009. The community share offer runs until midnight on 21 March.

For information visit www.pinklanejazz.co.uk