The Cotton Exchange is a grade II listed building in Blackburn, England. It is located on King William Street, opposite the Town Hall.
The building was used briefly as a cotton exchange, then a performance hall and cinema, before closing in 2005. It was bought by the Re:Source charity in 2015, and is currently used by community groups and as an event space.
History
Background
The cotton industry grew in the 1800s as a result of trade from South America to the port of Liverpool and the development of machinery for cotton spinning and weaving. Blackburn benefited from this development, with a fast growth of cotton mills, weaving and industrial development.
Local traders bought and sold cotton for use in their mills, and as the number of traders grew, there came a desire for a dedicated exchange and to cement Blackburn's place in the cotton industry.
Northgate path
Textiles were a small cottage industry for some time, with families spinning and weaving fabrics by hand in their home and trading locally. Early reports exist of a broad footpath off Northgate in Blackburn known as the "Cotton Exchange", where local handloom workers would meet to buy and sell thread and woven cloth.
Bull Inn and Market Place
Cotton trade later took place at the Bull Inn, Church Street. For many years, traders used this and the surrounding street as a place for trading. As the number of traders and volume of trade increased, those involved decided they would prefer a dedicated building.
In 1846, land on the corner of Church Street and Darwen Street was bought from the estate of John Fleming for this purpose and a competition was held inviting architects to submit plans for the exchange. Thirty entries were displayed at the Assembly Room, Heaton Street, and judged by the architect Charles Robert Cockerell. The design submitted by William Hayward Brakspear and Thomas Dickson of Manchester was chosen as the winning design.
The economic situation at the time meant plans were put on hold until November 1849. Fundraising attempts were then restarted in 1850, with adverts placed in the local press, and subscribers included local firms such as Sir W Feilden, Bart., Son and Co, Messrs William Henry Hornby and Co, and Eccles Shorrock. The committee aimed to raise £20,000 to fund the building by inviting members of the public to buy shares of £10 each.
However, the committee were unable to raise sufficient funds and the project was cancelled. The site was put up for auction in 1851.
Town Hall
Blackburn was incorporated in 1851, and the Town Hall completed in October 1856.
In January 1857, the exchange committee voted to leave the Bull Inn and move to the newly built Town Hall from January 1857, taking up rooms on the south side of the building for a news room and exchange.
By 1859, the exchange group had grown such that their meetings filled both the dedicated rooms and Town Hall vestibule, and there were concerns that the Council would soon need the rooms for municipal purposes. At this point, the exchange committee again considered a new purpose built building.
Exchange building
By January 1860, the committee had again decided that a dedicated exchange building should be created. Multiple sites were investigated, including the earlier proposed site at the junction of Church Street and Darwen Street, a plot at the junction of Ainsworth Street and Victoria Street, a plot by the Police Station, and a plot opposite the Town Hall. The site opposite the Town Hall was chosen as the most appropriate, and a budget of £12,000 was set to be raised through the sale of shares to the public.
The chosen site at King William Street was then in use by the Catholic Brethern, who were building a Catholic Hall at the site. The exchange committee agreed that this should be bought and demolished to make way for the exchange building. Adjacent to this site was the Fielden's Arms public house. Initially, the committee also planned to buy and demolish this, though it was kept and later renamed the Exchange Hotel.
In April 1860, a competition was held to invite designs for the new building. The winning design, named Suum cuique, was submitted by William Hayward Brakspear, winner of the previous competition in 1846. Brakspear's Victorian Gothic design featured a central tower with two wings holding the exchange sales room, a news room and supporting rooms. Construction was to begin in 1861, and a holding company, the Exchange Company Blackburn Ltd, was founded to manage the site and sell shares to raise funds.