With a ‘to do’ list as long as your arm, I was surprised to find local businessman and entrepreneur Paul Stonebanks remarkably laid back during our meeting at his latest success story, The Exchange 1856. Having agreed to give me a behind the scenes tour of the Grade II listed building, I was not expecting the man with such a hectic diary to be so free with his time, and yet I ended up spending almost three hours exploring every nook and cranny of this labyrinth of a development with Paul as my genial and enthusiastic guide.
Born in Percy Main in the 1970’s, his personal biography details a working-class upbringing, starting his first job delivering milk aged twelve and buying into his first business, a window cleaning round, aged fourteen. Now CEO of Stonebanks Investments and with an OBE to his name, Paul is the epitome of ‘local lad made good.’ After just eighteen months as the new custodian of The Exchange, the dedication of Paul and his team was recently recognised at the North Tyneside Business awards where they won the best new business award and were crowned ‘Business of the Year.’ Having seen the high standard of redevelopment for myself, it’s not hard to see why.
Leaving the familiar setting of Browns, the bar and restaurant area, Paul showed me around the rest of the place. As we made our way through perfectly finished corridors and high spec staircases, his passion for restoring the building to its former glory was clear. Heritage colours, art deco wall lights and Victorian radiators gave the place a sophisticated feel. Paul has been instrumental in all aspects of the renovation, from the paint colours to the pictures on the wall and his attention to detail was evident as he explained his intention to restore brass push plates and hinges on the doors.
Being a stone’s throw from North Shields Registry Office, it made perfect business sense to attract wedding parties to The Exchange, and with that in mind, Paul has created a one-stop shop. Amongst the numerous businesses who rent private office space in the building complex, there is a wedding dress maker and make-up artist. There is a hairdresser next door, and they even have a luxurious wedding house in Front Street, Tynemouth. A roof space, once home to the building’s pigeons, has been transformed into The Loft, a stunning venue which is licenced for civil weddings, and the J. Dobson suite (named after the building’s architect) is a super stylish banqueting suite complete with original architectural features giving it a ‘Downton Abbey’ ballroom feel. It’s unsurprising that the diary is filling up with bookings as far as 2027.
The Auditorium downstairs with a 550 capacity was re-opened last year with Sting as its inaugural act. Thanks to an upgraded sound and lighting system and boutique style bar, The Exchange is proving a desirable venue, with 160 acts currently booked, ranging from popular musicians like Martin Kemp, to charity gigs and family friendly, affordable panto. Always looking to enhance, Paul outlined his plans to create an exclusive VIP section on the top tier.
Winding our way downstairs, I visited The Lounge, the newly opened café bar area. Warm, welcoming and situated on the corner of the building with outdoor seating, Paul explained that this will give The Exchange more visibility. Progressing across the alleyway to the old ticket office, he described his plans to expand The Lounge into this area where cocktails would be served, with wine-tasting nights and a bit of a deli going on there too. “When will this be happening?” I asked, expecting a date early next year. “Oh, probably next week,” he replied nonchalantly.
Paul Stonebanks is a man who doesn’t sit still. Every vacant space is a project and every empty corner a challenge. His success lies not just in his trusted team which includes wife Joanne and eldest son Cole, but in the fact that he always sees room for improvement; to make things bigger, better, more efficient. This is evident in the hugely expensive, but forward-thinking investment they have made into a state-of-the-art heating and lighting system and the soon-to-be-installed self-serve ticket machines.
But it isn’t just the shiny new fixtures and fittings which have made this place a success. Paul’s love of his hometown is paramount, and he wants to see it thrive. He sees The Exchange as an investment in his community, using local suppliers and craftspeople and employing local people. He describes positive comments from his customers as the thing that makes all the hard work worthwhile, and he loves the fact that when they have a show on, local bars and restaurants report an upsurge in trade. He views nearby businesses as colleagues rather than competitors.
Paul’s initial takeover of The Exchange in 2023 was not without controversy, the fears of losing a community theatre space resulting in a petition backed by ‘Equity’. I feel sure that any such concerns should now be well and truly put to bed as the new look Exchange has not only retained that theatre space, but has already expanded and improved upon it, seeing the cultural heart of the town grow bigger and stronger with exciting plans for 2025 – but that’s a story for another day…..
