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A plaque on the wall of the current market house tells us that “this great market house was built in 1665 and replaced an earlier building.” Major reconstruction took place in 1740 and 1795.
The illuminated clock was installed to mark Queen Victoria's golden jubilee in 1887.
At the east end of the market place, in the entrance to Cirencester Street was a lesser market house. This was built for the sale of cheese and bacon, which used to be sold in a penthouse off the Talbot Inn (1656). By the late 18th century it had fallen into disrepair and was demolished in 1816. The prosperity of the market in the town was assured by the fact that the town was a major through route, but the main influence was the situation the town held in a rich wool growing area.
In 1221 there were two wine merchants trading, and by the mid thirteenth century it was well established as a market for agricultural produce. Tolls from the market and fairs produced the princely sum of £11 10s in 1296. By 1381 it was established as a centre for the sale of wool from the surrounding area. The fair was a recognised mart for wool by 1306. The market became one of the best in the region bringing in tolls of over £120 per year in 1622. The wool and yarn market thrived into the 18th century, and by 1730 the market house was bursting at the seams. On one occasion the Thirteen had to seek another meeting place. Cheese and bacon rivalled the wool market drawing in producers from North Wiltshire and the Vale of Gloucester.
During the 18th century market trade began a decline to such a point that by 1811 the market tolls only amounted to £14. A great market for cattle was established in 1810 and was held on the second Wednesday of every month. This was toll free, and dealt in cattle, sheep and horses. An additional livestock fair was begun in 1834, and held in November. In 1888 a new cattle market was opened by the railway, and was in use until 1974. By 1904 the market trade had declined so much that it was thought it might be abolished, but there was a revival in the 1920s.
The corn market was held at the White Hart from the early 18th century, moving to the Town Hall in 1884. It lapsed by 1900, was revived for a short time before the Second World War on its former site, the White Hart.
Administration of the markets has been from the Feoffees, running them on behalf of the townspeople, and from c1900-1936, the Urban District council leased the tolls from the Feoffees.
The Market building is probably built on the site of another building called the Tolsey. It was erected in 1655 with an open colonnaded ground floor, and the upper story approached by stone steps, which served as town hall and meeting place of the manor court. Reroofing took place in 1740, along with an extension to the south west. Gables were removed from the roof in 1817.
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