The Elected Mayor of North Tyneside, Dame Norma Redfearn DBE, recently visited The Exchange 1856 in North Shields to see at first hand why the venue was named Business of the Year at the North Tyneside Business Awards 2024.
During her visit, the Elected Mayor met with Chair of the North Tyneside Business Forum Michael James and owner of The Exchange 1856, Paul Stonebanks OBE, who shared his passion for the venue and its transformation into a thriving cultural and community hub.
Paul Stonebanks OBE spoke about his vision for The Exchange 1856:
“I knew this building had incredible potential. It was underutilised, but with the right investment and vision, I believed it could become something truly special. I’ve personally overseen the project management for the past two years, ensuring every detail is right. The transformation has been incredible, and now The Exchange 1856 is not only a stunning space but also a successful and sustainable business.”
The Exchange 1856 has rapidly grown into a sought-after venue for cultural events, community gatherings, and private functions. Since winning Business of the Year, demand has surged, with bookings increasing from 60 per quarter in the first half of 2024 to 60 per month.
“It’s been about more than just restoring a building,” Stonebanks added. “It’s about bringing people together, raising standards, and making a real impact on the local community. The response has been overwhelming, and we’re proud to see The Exchange become a central part of North Shields’ regeneration.”
The Exchange 1856 is at the heart of North Shields Cultural Quarter and is part of North Tyneside Council’s Ambition for North Shields, which aims to create a more vibrant town centre and a stronger evening and weekend economy.
Mayor Redfearn praised the venue’s transformation, stating:
“The Exchange 1856 is a shining example of how investment, vision, and community engagement can create something truly remarkable. It’s fantastic to see how it has evolved into a vibrant and welcoming space for all.”
With a strong team of around 40 staff members, The Exchange continues to grow, offering a range of events, weddings, and creative opportunities for the local community. The venue’s success is a testament to the dedication and entrepreneurial spirit that have driven its transformation.
Chair of the North Tyneside Business Forum, Michael James added:” The Exchange 1856 is a worthy winner of the accolade. I was very impressed by the team’s vision and the transformation of the building into a thriving cultural and business venture.”
The North Tyneside Business Forum is run by a management group made up of members from various industry sectors in the Borough and gives support in the form of networking, events and signposting for growth and development. Membership is free and open to any business of any size with a trading address within North Tyneside. The Business Forum is supported by, but not run by North Tyneside Council.