With effective civic leadership, Looe thrived in the Middle Ages and Tudor era, being both a busy port and situated with close access to the main road from London to Penzance. By this time the textile industry had come to play an important part in the town's economy, in addition to the traditional boatbuilding and fishing (particularly pilchards and crabs). Trade and transport to and from thriving Newfoundland also contributed to the town's success. The Old Guildhall in East Looe is believed to have dated from around 1500.