Having bought land on the corner of Church St and Darwen Street, the Exchange committee sought to raise £20,000 to fund their new building.
However, an update in the Blackburn Standard on the 15th February 1851 informed readers that the properties on the proposed site were to be sold as the project had failed, raising only £10,000 towards the cost of the building. There was feeling that the failure to raise funds and build an Exchange reflected poorly on the town.
A final attempt was made to raise funds, with local traders writing letters of support to the Blackburn Standard, and reports of local traders supporting the bid.
On Wednesday 10th September, 1851, it was announced in the Blackburn Standard that the plans to build a Cotton Exchange had failed. Despite the Exchange committees attempts to raise funds, they had fallen short of their target of £20,000 and it was decided to cancel the project. Traders would continue to use the Bull Inn on Church Street as their base for meeting and trading for the coming years.