Its successor Launde Abbey is used as a conference and retreat centre by the Church of England dioceses of Leicester and Peterborough.

Launde Priory was founded c.1119 by Richard Basset and his wife, Maude, who endowed the priory with the advowsons of the churches of Ab Kettleby, Frisby on the Wreake, Holt, Oadby, Welham and Witherley, all within Leicestershire; Ashby, Weldon and Weston by Welland in Northamptonshire; Hathersage in Derbyshire; Colston Bassett in Nottinghamshire; Wardley in Rutland; and Pattingham in Staffordshire.

[1][2] Within 50 years, from other benefactors, Launde also gained the churches of Grimston, Rotherby and Tilton in Leicestershire; Glaston in Rutland.

The priory also gained the manor of Frisby-on-the-Wreake in Leicestershire: this was seized by King Henry II although subsequently returned.

[1] Within the next century the priory acquired yet more churches, including Ashby Folville, Shoby and Peatling Parva in Leicestershire, and Arthingworth, Blatherwick and Little Bowden in Northamptonshire.