The origins of the building lie in the early 19th century, when four Loughborough tradesmen began a movement to provide the town with a public gathering place. It received much more momentum with the involvement of the local MP, Charles Packe of Prestwold Hall, who donated £500 towards the enterprise. With his backing, other local gentry got on board, and £8,000 was raised for the purchase of land and the construction of the building. The Italianate style design, with decorative bellcote was the work of Northampton-born architect William Slater. Charles Packe laid a ceremonial foundation stone in October 1854, and the building was completed in 1855. The clock, which hangs from the main frontage of the building, was designed in 1879 and installed in 1880. The bell, which was cast by John Taylor & Co, based in Loughborough was also installed at that time.