Take It Away scheme offers major boost for UK retailers
Take it Away, the Arts Council supported scheme that lets participating MI retailers in England and Northern Ireland offer interest free purchases, has undergone a major revision for its 10th year. For this year, the maximum purchase(s) involved can now be as large as £25,000, bringing England in line with Northern Ireland, and the scheme has been broadened beyond traditional musical instruments to include associated products such as home recording equipment, software, amplification, PA and effects. Significantly, the interest free loans, organised in association with Omni Capital Retail Finance, are now no longer restricted to under-25s as purchasers of any age can in future qualify.
Emphasising the potential significance of this expansion for retailers, Take It Away says research shows that audio recording equipment made up 16.2% of sales in the music retail market in 2016-17, surpassing guitars at 14.3%.
Although well promoted by the Music Industries Association, the scheme was developed by Creative United and is part-funded by the Arts Council, so participation is not restricted to MIA members – any UK retailer can apply to take part. Take It Away says it has helped 88,000 musicians buy instruments so far, with a total retail value of £61 million.
MIN would be interested in hearing from readers who have had experience of working with Take It Away or if they have any comments about the scheme. Contact us at firstname.lastname@example.org
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