Following up on the previously reported eviction of The Exchange Theatre charity from Saville Exchange, it has been announced this week that the new operator is to be local-born businessman Paul Stonebanks OBE. Locals may know him as the force behind the Cullercoats Coffee chain of coffee shops as well as froim his other business interests.
Stonebanks, who received a Queen’s Award for International Trade in 2015 and was made OBE in 2016 for services to manufacturing and skills in the offshore and renewable sectors, set up new company The Exchange 1856 Limited on 22 March through which to run the Saville Exchange venue.
Stonebanks is currently listed as the sole director and controller of The Exchange 1856 Limited, which is described as “a family-led business” on the web site of Sontbank Investments, the portfolio backing the new operation.
John Sparkes, director of regeneration and economic development at North Tyneside Council, said, "The Exchange is central to delivering our ambitious plans to develop a vibrant 'Cultural Quarter' in North Shields, which will diversify and expand the town centre offer and drive footfall. We recently went to the market to identify an operator through an open tender process. Unfortunately, the current operator was not successful, and through the Council's Strategic Property Group a new preferred operator has been identified as Stonebanks Investments.
“Stonebanks are prepared to invest significantly into the Grade II listed building and grow the cultural offer and support our wider ambitions for the town centre. We're working closely with them on the transfer of the building and look forward to seeing this cultural landmark flourish in the future."
Paul Stonebanks has said that all existing bookings are guaranteed and promises an inclusive cultural programme of events. A local managing director (name to be announced) with a strong theatre and commercial background has been appointed to steer the future of The Exchange.
Also, a ten-year agreement made with a local bar and restaurant group makes safe existing jobs, and another fifteen full-time equivalent roles are to be created shortly.
As to the previous incumbents, Stonebanks says, “we remain in positive discussions with the charity at The Exchange to find a mutually agreeable sustainable and community focused partnership as we understand the importance of continuing a charitable offer which supports the wider community.”
Further details are to follow.