Introduction
Acme is England’s largest provider of permanent, affordable artist studios, supporting more than 800 artists each year across 15 buildings in Greater London. Established as a charity to address the chronic shortage of secure and affordable workspace for artists, Acme has played a central role since 1972 in sustaining artistic practice in the capital for artists who might otherwise be priced out of the city.
Acme’s work focuses on increasing the provision of high-quality, purpose-designed and well-managed studio space, while balancing affordability with the long-term sustainability of its buildings and organisation. Alongside studio provision, Acme supports artists through residencies, awards and professional development opportunities and contributes to wider sector advocacy.
Through long-standing partnerships with local authorities, housing providers and other cultural organisations, Acme also shares its expertise by advising artists and groups seeking to develop affordable studio space outside of London. This combination of direct provision, sector support and strategic advocacy positions Acme as a key infrastructure organisation for London’s artistic community.
The Opportunity
Acme sought a £500,000 loan in 2025 to support the acquisition and fit-out of a new studio building in Waltham Forest, Billet Road Studios. The property had been completed to shell-and-core standard but remained vacant due to limited demand for its original permitted use as office and ground-floor community space.
Following discussions with Waltham Forest Council and Clarion Housing, Acme secured planning permission to convert the upper four floors of the building into artist studios, with the ground floor designed as a large, subsidised unit for an arts organisation or charity.
“This project allowed Acme to bring a long-empty building into cultural use, creating secure, affordable studios at a scale that would have been difficult to achieve without patient, mission-aligned capital. We are thrilled to support a project which increases the supply of long-term, genuinely affordable studios and to re-provide space for artists at risk of displacement elsewhere.” – James Cross, Figurative
The Process
Figurative worked closely with Acme to assess the financial resilience of both the project and the wider organisation. The diligence process included detailed sensitivity testing to understand the impact of potential delays to rental income, variations in capital expenditure, and changes in income across Acme’s broader property portfolio.
This analysis helped ensure the project remained viable across a range of scenarios, while confirming that Acme could continue to meet its loan obligations and deliver genuinely affordable rents. Figurative also reviewed Acme’s wider financing arrangements and future capital requirements, with particular focus on its flagship studio, Acme Propeller Factory in Deptford.
At the point of application, Acme was in the process of raising funds to acquire the Propeller Factory. While the outcome was not yet confirmed, Figurative took comfort from Acme’s prudent and robust financial management, its long track record operating in the sector, and the strength of its wider portfolio.
Following drawdown, Acme successfully transformed the property in Waltham Forest into high-quality studio space. It’s now fully occupied, with the ground floor space being used flexibly by Acme to pilot new approaches to artist support and collective working. In parallel, Acme secured a landmark £2.5m grant from The Julia Rausing Trust towards the purchase of Acme Propeller Factory, alongside a mortgage and additional capital, securing the long-term future of the site.
The Impact
The team at Figurative focused its assessment on the residencies and awards programme delivered by Acme Studios, with particular attention to its early career support for artists. This programme provides structured time, space and professional validation at a critical stage when financial pressure and precarity can disrupt artistic practice. The Figurative loan provided Acme with space and breathing room to consider the impact of this long-standing programme to reconfigure its future delivery and relocate it to the ground floor of the Waltham Forest building.
Through access to affordable workspace and peer networks, artists were supported to sustain and articulate their practice, strengthen professional portfolios and build confidence. Common outcomes included improved self-efficacy, stronger peer and professional networks, and increased capacity to plan and progress work. Drawing on Acme’s wider research, the programme also contributed to improved wellbeing and resilience by reducing stress associated with insecure working conditions.
“As a local artist, it feels like such a privilege to simply walk to my studio, that kind of freedom is rare and so precious. Being with Acme has already been a joy; I’d heard from so many artist friends about the kindness and care here, and experiencing it firsthand has been truly special. I’m deeply grateful and so excited to begin creating in this new space.” Adriana Jaroslavsky, Billet Road Studios Artist
“London’s artists need more than short-term space – they need stability. Creating these studios at Billet Road means we can provide genuinely affordable studios for the long term. This partnership with Figurative not only built the studios but also provided the space for us to reimagine our programming for early career artists to better support their career development.” Lea O’Loughlin, Co-Director of Acme
Image above: Studio 101 at Billet Road Studios, November 2025 © Hydar Dewachi, courtesy of The Acme Archive
