Businessman confirmed as new operator of North Shields theatre

A local entrepreneur has been appointed the new operator of The Exchange Theatre in North Shields by the building’s owner, North Tyneside Council.

Paul Stonebanks of Stonebank Investments has taken over the running of the venue from The Exchange Theatre charity, which has operated the historic building for the last seven years. 

The charity said it will cease operating the building from 17 April. A 'final farewell' event will take place from 3pm on Saturday 15 April. 

READ MORE:

• Trafalgar Entertainment acquires HQ Theatres
• Glasgow's Pavilion Theatre sold to Trafalgar Entertainment

A statement on the charity's website said: "Despite open and earnest negotiations with the new provider, we regret that we have not been able to come to agreement where The Exchange Theatre charity will be able to continue to use the theatre auditorium or other spaces to provide an ongoing programme of creative and cultural activities for our communities."

An update on the charity's Facebook page said it had been a "difficult time for everyone involved with The Exchange Theatre, past and present" but wished the new operators "all the best in their venture".

It added: "We recognise that Stonebanks 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."

The charity encouraged "local artists, creatives and community groups … to get in touch with Stonebanks Investments, who we understand are aiming to accommodate existing groups and activities".

'Commercial decision'

The council's decision in March to appoint the new operator prompted Equity to call for the leader of North Tyneside Council, Mayor Norma Redfearn DBE, to intervene in the 'eviction' of The Exchange Theatre charity.

In a letter to the mayor it criticised the council’s purely “commercial decision" and said it "does not represent a real investment in the cultural value to the local community”.

Dominic Bascombe, Regional Official for North East, Yorkshire and Humberside, said: “The focus of North Tyneside Council seems to be on buildings rather than enhancing the cultural value on offer.

"This is simply wrong. We know that when arts and culture is diminished there is a long-lasting impact on local communities.”

The union also launched a petition against the move, which it has since 'paused'. 

John Sparkes, director of regeneration and economic development at North Tyneside Council, said: "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." 

He added that 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". 

Renovation and transformation

Stonebanks has created a new company, Exchange 1856, to run the building.

He has announced that plans for the "renovation and transformation of the building" will be carried out without The Exchange having to close.

He added: "We have guaranteed all previous bookings made under The Exchange Theatre charity and are in positive dialogue with all parties about developing and expanding these relationships. 

"In addition, we have secured additional bookings across areas such as music and theatre, and we are working to finalise a jam-packed programme for the benefit of our entire community.

"This exciting inclusive cultural programme will be announced in the coming weeks.”