Since medieval times, Paternoster Square has been the site of numerous taverns and ale houses. From the 16th century, the Square housed Newgate Meat Market (until Smithfield was built in 1868) and was renamed Paternoster Square in 1872.

Paternoster Chop House opened on 4 October 2004 with a resolutely British menu from Chef Peter Weeden, formerly at Coq d'Argent. Weeden has produced a menu of distinctive, traditional British food following months of intensive research through culinary archives, and a strong collaboration with small food suppliers throughout England, Wales, Scotland and Ireland.

Produce ranges from oysters from Mersea Island, suckling pig from Lancashire, and cheddar from North Cadbury, Somerset, to daily fresh fish from the South Coast of England.

The menu is the definition of fine, British food including grills and spit roasts, shellfish, savouries and puddings, in addition to extensive first and main courses. Dishes range from pork pie with piccalilli, Brundish onion tart, Dublin Bay prawns, and dressed Dorset crab, to roasted pheasant and red cabbage, Galloway beef cottage pie, 'beast of the day', and queen of puddings.

The wine list features approximately 180 bins, including award-winning English wines, and a varied selection by the glass. The bar incorporates both classic and modern cocktails as well as numerous English ales, draught beer and ciders.