The wool trade was the basis of Southampton's prosperity in the middle ages.

This building was restored by the city corporation and opened as a Maritime Museum in June 1966.During the early part of the 20th century, the premises were occupied by The Moonbeam Engineering Company Limited who built motor launches and later expanded to include the sale of wrought iron propellers and marine engines for export around the world.

Edwin Moon used a corner of the workshop to realise his dream of constructing and flying an aircraft of his own design which he flew from land at North Stoneham in 1910, on fields which subsequently became Southampton International Airport.

Its mission statement was: "To collect, preserve, display and interpret artefacts and information to reflect the widest range of history of the city and its people; to promote enjoyment, awareness of the engagement with Southampton's heritage, via the presentation of the life of the city and its people.

Plans were approved in 2014 to allow the Dancing Man Brewery to turn the building into a microbrewery and pub.