It was established in 1982, as the senior adult semi-professional team of the newly formed Peterborough Ice Hockey Club.

The Pirates, based at the East of England Ice Rink, Peterborough, played in the British National League.

Former coaches of note apart from Garry Unger, Cam Plante and Randy Smith was former NHL player for the Toronto Maple Leafs and Pittsburgh Penguins Rocky Saganiuk who took the Pirates to the Heineken British Championships at the Wembley Arena in 1991, where they finished as runners-up to Durham Wasps in the final after beating Cardiff Devils in the semis.

In their final season (2001–02) the team was coached by Glenn Mulvenna who had played with the Pittsburgh Penguins and Philadelphia Flyers.

The Pirates folded in April 2002, when directors founded a new team Peterborough Phantoms, who play in the EPIHL.