The priory was founded between 1220 and 1234, but the exact date is unknown. The first mention of the priory is c.1233-1234, when Robert Bundy (de Burnebi) is listed as patron. It is thought Robert may have been the founder of the priory.
The priory was only very small and as such was not always granted its own prior. For example John Penny served as both prior of Bradley and Abbot of Leicester Abbey. In 1535 there were only two canons at the priory and only a single child at the almonry.
The priory is known to have owned a windmill at Holt since it was founded and gained the manor of Blaston in 1385. In the Valor Ecclesiasticus of 1535, the priory is recorded as owning land in Blaston, Slawston, Holt and Holyoak, and had a total income of just over £20.
The priory was dissolved c.1536, and the prior was granted an annual pension of £4. In 1537 the site was granted to Humphrey Nevill.
The site today is occupied by Priory Farm. Nothing remains of the priory building, although earthworks exist showing the precinct boundaries.