The Northern Guitars operators said: “This purchase protects a rare grassroots music venue in Leeds city centre and ensures local and touring artists will continue to have a stage for years to come.
“It gives us the confidence to focus on what we do best: championing new talent and building our music community.
“The fact that this space will remain a venue rather than becoming another generic bar is something the whole cultural community can celebrate.”
The Gut Level team added: “This stability will benefit not only the venue, but also the many people who use Gut Level to create, organise, connect, and celebrate.
“It’s a huge win for our community.”
Millicent Morgan runs Leeds-based Morgan Agency, which promotes local up-and-coming artists.
“Without independent grassroots venues it would be near impossible to host events for small artists at a reasonable cost,” she said.
“It would be very difficult for new artists to get a foot in the door.
“We need to protect our independent venues because they create a sense of community.
“Being owned by a team of people that value the social and community impacts of the venue rather than just it being a money-making machine is really important.”