Founded circa 1220 in Frithelstock, Devon, England by Sir Robert de Bello Campo for Augustinian Canons Regular, as an indulgence to ensure intercessions for the repose of his soul. The present Lord of the Manor is Robert Titherley of Titherley in Hampshire whose family can be traced back to the earliest Frithelstock parish records dated circa 1530. The Titherleys held land in the manor of Frithelstock and had business interests in the area for several hundred years, two Titherley having been Mayors of Torrington in the sixteenth and seventeenth centuries.

Bishop Walter de Stapledon is considered a co-founder, increasing the Priory's endowments.