Coal Exchange

Construction and early history

Before the Coal Exchange was built in Mount Stuart Square, the area was a residential square with a central garden. It was taken over by commerce as the city grew in prosperity. Built to provide a dedicated location for merchants and traders to sell coal, it followed construction of buildings of a similar function in London, Liverpool and Manchester.^[2] Prior to its construction, coal merchants used to chalk up the changing prices of coal on slates outside their offices or struck deals in the local public houses.^[3] It was built and opened in stages, the central trading hall and east block completed first. The trading hall was a large central space around which suites of offices were located. The London and Provincial Banking Company occupied the majority of the north side.^[2]

As Cardiff became the biggest coal port in the world, the building was constructed between 1884 and 1888 by Edwin Seward as a base from which to conduct trade negotiations regarding the coal mines of the South Wales Valleys – most of which was shipped to Cardiff for distribution.

The building played an important role in the industrial Cardiff of the 19th century. Paired Corinthian columns, an oak balcony, and rich wood panelling adorn the trading hall, which was reconstructed by Edwin Seward in 1911.^[4]

Following its opening, coal owners, ship owners and their agents met daily on the floor of the trading hall where agreements were made by word of mouth and telephone. During the peak trading hour of midday to one o'clock, the floor might have as many as 200 men gesticulating and shouting. It was estimated that up to 10,000 people would pass in and out of the building each day. At one time the price of the world's coal was determined here.^[3] It was at the Coal Exchange that the first ever £1,000,000 deal was agreed^[4][5] in 1904.^[6] The building interior was lavishly refurbished in 1912 by Edwin Seward, and reopened as the ‘New Exchange Building’. In 1915, an extension was added to the southern section, connected to the trading hall.^[2]

Post-war period

Cardiff's reliance on coal made the Bute Docks highly vulnerable to any downturn in the demand for it. With the end of the war the docks went into further decline. The Coal exchange closed in 1958 and coal exports came to an end in 1964. The southern extension was demolished in the 1970s. The building became Grade II* listed in 1975.^[1]

In 1979 the Coal Exchange was earmarked as a future home of the proposed Welsh Assembly^[3] and a heavily reinforced underground carpark was constructed (also envisaged to act as a nuclear shelter)^[7] but the plan for devolution was rejected by the Welsh people in a referendum. In 1983 the building was considered as a headquarters for the Welsh language television station, S4C,^[7] though this also failed to take off. The Exchange Hall was used with great regularity during this period as a filming location for various parts of the entertainment industry, for example the BBC drama Bevan.^[7]

Re-opening and closure

In 1988 the building was re-acquired and subsequently completely refurbished in 2001 to turn it into a major venue. The venue hosted acts such as the Arctic Monkeys, Manic Street Preachers, Ocean Colour Scene, Stereophonics, Van Morrison and Biffy Clyro.^[8]

The Coal Exchange closed on 7 August 2013 as a result of building safety issues. With the subsequent liquidation of the company which owned it in 2014, ownership of the Coal Exchange passed to the Crown Estate. It then became the subject of efforts to preserve the historic fabric of the building by the not-for-profit organisation Save the Coal Exchange Limited.^[9] In February 2015, Welsh Government Economy Minister Edwina Hart commissioned a feasibility study into future re-use of the building. In May 2015 it was confirmed that the exchange would be used for filming of the remake of The Crow. In 2016, filmmaker Nick Broomfield visited the building as part of his documentary Going Going Gone, which investigated the deterioration and heritage of the Coal Exchange.^[10][11]

The Exchange Hotel

In 2016 it was announced that the building was to be fully refurbished as a hotel by private company Signature Living, with a museum detailing the history of the building and of the Cardiff Docks.^[12] The proposal received some opposition, including from the Victorian Society^[13] and MP Stephen Doughty.^[14] Cardiff council granted planning permission in July 2016. In June 2017, the BBC broadcast a documentary entitled Saving The Coal Exchange, which looked at the development of the building into a hotel.^[15] As part of the phased restoration programme, rooms were opened as works were completed. The first 30 rooms of the hotel opened in May 2017.^[16] This was followed by a further 30 rooms in both June and September 2017, bringing the total to 50.

The Coal Exchange Hotel

During the COVID-19 pandemic, the Liverpool-based company Signature Living entered administration leaving the future of the building in limbo, During the summer of 2021, the Coal Exchange Hotel was saved by Cardiff-based company Eden Grove Properties, the company saved 56 jobs and reopened the hotel during September 2020 with no affiliation to the former owners Signature Living. After just two weeks the hotel was forced to close again inline with the firebreak lockdown in Wales to help stop the spread of COVID-19. The hotel will reopen during 2021 and the new owners are in the latter stages of completing the legal documents with the relevant companies to commence work on the rear and underground section of the building with hopes to complete the building towards the end of 2021 start of 2022. Once fully completed the hotel will host 146 bedrooms, an on-site restaurant and bar, spa, gym, learning zone, conference rooms and the Grand Hall wedding venue.