Exchange Theatre will continue to provide cultural and community offerings - says new owner
The new owner of the Exchange Theatre in North Shields says the venue will continue to provide a cultural offering to the town
Last updated 31st Mar 2023
The new owner of North Shields' Exchange Theatre is promising culture, theatre and community work will not be lost.
Stonebanks Investments have bought the leasehold of the Grade II listed building, from North Tyneside Council.
Earlier this month, Equity, who are the trade union for the entertainment industry, had raised some concerns over whether a new commercial operator would mean the end of the theatre, and its cultural and community work.
They submitted a petition to the Council - which has now been paused - asking them to ensure cultural work would be protected - and be backed by trade union standards.
Now, CEO of Stonebanks Investments, Paul Stonebanks OBE, tells us it's important to him to keep the theatre going, and is hoping to hear from the community what they want to see:
"Make sure, for everyone, we're more affordable, and we will create a lot of jobs,
"We'll create a diverse cultural offer, which will expand on what's already there.
"We need to engage further with the community, give them a chance to say exactly what they would like."
He hopes it will remain a place for the people of North Shields to find community and creative work:
"What I want to do now, is prove to this community that we will be here for the long term
"It's not about making money, it's about making sure that we create a long term social impact for this community and beyond.
"We're going to offer more for the community, for the local economy, and of course creating long term social impact.
"Hopefully they'll be reassured by that, from my perspective also, I understand I've got to gain that trust."
Stonebanks say they have secured a 10 year deal with a local bar and restaurant group to provide cafe, bar and restaurant facilities in the buildings, which they say will secure existing jobs and create a further 15 full time roles in the coming months.
The team behind the Exchange Theatre Charity, who were the previous operators, and will be stopping their operations, have released this statement;
"We would like to once again thank everyone for the support we’ve received during the last couple of weeks.
"It’s been a difficult time for everyone involved with The Exchange Theatre, past and present, but we’ve been reminded at how much value the venue has to the local community through your stories, well wishes and support.
"We recognise that Stonebank Investments will be operating the building, including the cafe bar and auditorium with a different approach and business model. Unfortunately, despite many conversations, we cannot see a way that the new commercially-driven operations will be compatible with our charitable structures and objectives.
"We remain deeply keen to see local artists, creatives and community groups flourish and have facilitated all existing bookings to get in touch with Stonebanks Investments, who we understand are aiming to accommodate existing groups and activities. In addition, we understand that most current staff are expected to be offered roles with the new operators. We have a remarkable team of staff here and long to see each person flourish each in their own life and creative journey.
"The Exchange Theatre has been a wonderful home for creatives, artists and musicians and we hope this can continue and we wish Stonebank Investments all the best in their venture.
"Keep up to date with our plans for a final farewell on Saturday 15th April - The After Shows Party! We can’t wait to see you there. "
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."