The town is situated in the narrow vale of the River Creedy, between two steep hills, and is divided into two parts, the east or old town and the west or new town.

On 14 August 1743 (a Sunday morning), a great fire started, completely destroying the High Street and buildings in the "West Town". At that period of time it was the second largest fire in the country, second only to the fire of London. Over 2000 people were made homeless and 450 houses destroyed.

In the early 20th century shoe-making, tanning, agricultural trade, tin-plating, and the manufacture of confectionery and cider had superseded the former large woollen and serge industries.