The Film Exchange was a members club that used to provide hardened drinkers with a place to sup during afternoon closing in the 1970s and early '80s. In the early '80s it had a membership scheme where three members had to vouch for you, then it was £4 a year . I suppose it complemented the Press Club (which still provides all night drinking) and was apparently just as easy to get into so long as you were with or claimed to know a member . The Film Exchange was close to the Hospital for Skin Diseases opposite the Opera House on Quay Street, seen in 1975 and 1988, and was an equally as elegant building. Sadly, both have been demolished and replaced with nondescript offices, as shown below.
Site of Hospital for Skin Diseases and Film Exchange, Quay Street. (c) googlemaps.