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Originally built in c 1500, it was thought that the building was a guildhall for the town's most important guild, that of the Blessed Mary. This suggestion was proposed on the basis on archaeological evidence by Dr Philip Riden. However, Dr Riden later withdrew this theory on the basis of further consideration of the documentary material. He wrote, ' A recent reconsideration of the evidence of deeds to neighbouring properties strongly suggests that the Peacock tenement was owned by a local gentry family, the Revells of Carnfield Hall, near Alfreton, in the early 18th century. From what is known independently of that family's connection with Chesterfield, it is then possible to suggest a rather more convincing early history of the present building than has been accepted for the last ten years.' Dr Riden goes on to postulate that the property was built by the Revells and is a private house and not a public hall. It was originally larger than the surviving building of today. By the 1680s, it had been subdivided and used as two dwelling houses, occupied by a merchant (Wheldon) and Thomas Bretland, Mayor of Chesterfield. After many changes it opened as a public house, ' The Sign of the Peacock', in 1829. In 1880, it was owned by Brampton Brewery. It was restored in 1980 by Chesterfield Borough Council.