This pub isn't marked on the 1849 map but 'Ye Old Exchange Taverne' can be seen on the Goad's 1880 Fire Insurance map of Manchester, as shown here, courtesy of Digital Archives [1]) and Andrew Simpson at the Chorlton History blog [2]. The pub was at 16-18 St Mary's Gate and was named after the nearby Royal Exchange, the upgraded version of which now houses the Royal Exchange Theatre.
Location of Exchange Tavern / Parker's Rest, St Mary's Gate. (c) Alan Godfrey Maps [3].
In 1839 the building was owned by Frederick Cope who was a wine and spirit merchant in partnership with his brother Richard. They had various outlets, including the still surviving Sawyers Arms, and eventually they opened the Exchange Tavern, perhaps initially as a beerhouse. When the Copes sold the pub to the Parker family in the 1890s, they renamed it Parker's Rest and it was then described it as a restaurant. The 1849 map above shows Cope's Court to the rear of the pub, named after the family [3].
Exchange Tavern, St Mary's Gate. (c) Digital Archives (www.digitalarchives.co.uk) [1].
2. Andrew Simpson - http://chorltonhistory.blogspot.com.
3. Manchester City Centre 1849, Alan Godfrey Maps (2008).
Thanks Dan pleased to see the Exchange Tavern come back from the shadows
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