Ah now I know what you mean!
There is an upstairs bar with full PA available and I think that is the space Peter was thinking about. He isn't going to run a club but has offered the space for anyone who would like to take it up.
Personally I don't think it is going to happen in the near future as there is already a thriving 'Open Mic' session at Number 11 which fulfils some of the functions of a folk club - not all I admit but you get a wide variety from unaccompanied traditional to pretty loud electric originals.
Cath