The club was founded in 1974 as Coventry Granwood before moving to Birmingham in 1980 as part of the team's sponsorship agreement with Fiat.

The Bullets achieved some success in the BBL, mostly in the late 1990s and early 2000s, including winning the Playoffs in 1996 and 1998.

They also achieved a 2nd place League finish in 1998 and were runners up in the 2000 Playoffs and 2002 Trophy.

The club officially resigned from the BBL in the summer of 2006 and soon after went into liquidation.

Note: Flags indicate national team eligibility at FIBA-sanctioned events.