Originally called Wendelingburgh after a 6th Century Saxon leader Waendel, the town is the only one in the borough and takes now its historic name from five springs (or wells) Red Well, White Well, Stan Well, Burymoor Well and Rising Sun Well.

Early trades such as brewing, spinning, weaving and pillow lacemaking were widespread but declined and disappeared leaving boot making the main industry in the mid 1800's. An industrial Railway line corridor emerged with two blast furnaces, brickworks, engineering plants, ironstone quarries and flour mills. After the war the town expanded dramatically with an influx of people from London and other cities.

The boot and shoe industry was particular strong over the last century but this has now virtually disappeared leaving various manufacturing industries and warehousing & distribution as the most common businesses today. The east side of the town is due to undergo a huge expansion with at least 4,000 new homes planned, a rail freight terminal, a retail park and business parks.