The Lutterworth Town Estates Charity has held the Market Charter since 1214 when a Royal Charter was granted to allow streets for vending of horses, cattle and other goods on an annual basis.
The Trustees have managed to uphold the Charter rights granted to them and a Thursday market is to be found on the highway in an unbroken record since 1214.
The market has an exclusive area within a radius of six and two thirds miles within which no rival market may start without permission and without paying compensation to the charity. This is of course archaic, indeed it is medieval in origin, but this law still stands.
In the middle ages 20 miles was considered to be the distance covered by a journeyman in a day. The day was divided into three parts:
Six and two thirds miles to travel to the market, one third of the day equivalent to another six and two thirds miles at the market, and another six and two thirds miles back. That is the reason for the restrictions.
The weekly Market Charter was granted in 1414 by King Henry V, and it was King Charles I who gave the charter to Basil Fielding.