The priory was founded by Robert de Beaumont, 2nd Earl of Leicester, in 1139, as a hermitage for eremites of the Order of St Augustine.

In 1323 William de Ferrers donated "70 acres of waste land at Groby" and the advowson of Syston Church, both in Leicestershire.

[2] In 1535 Ulverscroft was recorded as having an annual income of £83 and was thus scheduled to be dissolved with the other smaller priories.

However, because its reputation was good, the priory was allowed to continue functioning upon payment of a fine of £166.

[4] The site was purchased in 1927 by Sir William Lindsay Everard, preserving the decaying ruins from total destruction.