The Unlikely Loan That Launched Eurythmics into Global Stardom
It’s a story that highlights the precarious beginnings of many musical careers: a struggling duo, a lukewarm debut, and a gamble that hinged on the faith of a bank manager. For Eurythmics, the iconic 80s synth-pop band fronted by the enigmatic Dave Stewart and the formidable Annie Lennox, this was precisely the path to global fame.
Formed after the dissolution of their previous group, The Tourists, in 1980, Stewart and Lennox quickly embraced the burgeoning new wave scene in Britain. Their debut album, In The Garden, released in 1981, however, failed to make a significant impact. Despite having a record deal with RCA, the album received minimal promotion, leaving the duo in a precarious financial position.
Stewart, now 73, recently recounted the critical juncture that could have seen Eurythmics fade into obscurity. “Annie and I lived in a squat on £8 a week between us,” he shared. “We wanted to make music together but we had nothing. We had a record company and made an album called In The Garden, but it didn’t sell and the record company thought we were nuts and wanted to drop us.”
The pair found themselves in a challenging situation, far from the glamour of international success. With their first album failing to chart and their record label losing faith, the pressure to produce a follow-up was immense. It was in this moment of desperation that Stewart decided to approach a local bank for assistance.
“I said, ‘Why don’t I go and see the bank manager at Barclays and explain that I want this equipment and we can make a record on that, and then make the next record too,'” Stewart recalled. His bandmate, Annie Lennox, was understandably sceptical. “Annie said, ‘The bank manager will think we’re nuts’, and we did look quirky.”
It was 1982, and the odds were stacked against them. Having already seen their initial efforts met with a muted reception, Stewart was determined to secure a second chance. He approached a young bank manager, Geoff Edwards, at Barclays. “He listened and said ‘Ok, we’ll lend you £5,000’,” Stewart said. This modest loan was the lifeline that enabled them to record what would become their breakthrough album, Sweet Dreams (Are Made Of This).
The album was recorded with remarkable resourcefulness, utilising an 8-track tape machine in an old warehouse in Chalk Farm and Church Studios in Crouch End. The gamble paid off spectacularly. Upon its release in 1983, Sweet Dreams (Are Made Of This) sold over a million copies and achieved significant chart success in both the United Kingdom and the United States.
The album’s title track, “Sweet Dreams (Are Made Of This),” emerged as one of the defining singles of the decade, reaching number two in the UK and soaring to number one on America’s Billboard Hot 100 chart. The success of this single, and indeed the entire album, cemented Eurythmics’ status as global superstars.
Stewart has never forgotten the pivotal role Geoff Edwards played in their journey. “On his 65th birthday I sent him a message,” he revealed. “Without him nobody would know who we were.” This profound gratitude has inspired Stewart to “pay it forward.” He has recently launched Rare Entity, a creative start-up designed to empower artists, writers, and performers by helping them “bring their ideas to life.”
Meanwhile, Annie Lennox, now 71, has spoken about the deliberate construction of her iconic androgynous image during the Eurythmics era. She explained that her adoption of suits was a conscious decision to assert her equality with her bandmate, Dave Stewart, and to claim “male power” for herself.
Lennox elaborated on her sartorial choices, stating that they had “nothing to do with [her] sexuality.” She described her evolving style as a natural progression, stemming from her arrival in London as a “provincial girl wearing secondhand clothes.” The influence of the punk movement, she noted, was particularly impactful, shaping her aesthetic and that of many others. “And so things started to evolve,” she said. “And I think that the way you wear your clothes says a great deal about you, particularly when you’re a performer.”
Throughout their initial career, Eurythmics released seven studio albums between 1981 and 1989. The duo later reunited in 1999 to record their final album, Peace. The enduring legacy of Eurythmics is a testament to their musical talent, their innovative spirit, and, as Dave Stewart’s story illustrates, the crucial impact of a single act of faith from an unexpected source.
