Historically, the land at Hill Hole Quarry has been used for quarrying and stone masonry.
In the early 1990's the site was considered for use as a sports venue primarily for rock climbing and scuba diving. However, after a safety report it was concluded that this would not be feasible, as the site would have to be permanently staffed and costs would have been substantial. Therefore, the land was offered to Hinckley & Bosworth Borough Council, who purchased the site in 2001 as a nature area within the National Forest.