![](https://www.gloucestershirepubs.co.uk/wp-content/uploads/2022/11/Exhange-Thornbury-1024x653.jpg)
![](https://www.gloucestershirepubs.co.uk/wp-content/uploads/2023/10/Exchange-Hotel-Thornbury-1024x682.jpg)
The Exchange Inn is now trading as the Knot of Rope and is a tied house of Marston’s. Underground passages were found a few years ago beneath the pub. The roof of the passage had caved in. The outbuildings were taken over by the army during the Second World War.
![](https://www.gloucestershirepubs.co.uk/wp-content/uploads/2022/06/Thornbury-Knot-of-Rope-Oct-09-1024x681.jpg)
Licensing Details:
Owner in 1903: Richard Hobbs Smith (free from brewery tie)
Rateable value in 1903: £64.0s.0d.
Type of licence in 1903: Alehouse
Closing time in 1903: 11pm
Landlords at the Exchange Inn / Knot of Rope include:
1902,1919 Richard Hobbs Smith
1927 William Morton (Exchange Hotel)
1939 Edward Smyth