In part of the Grade II* listed Central Market Building (1828-30 by Charles Fowler), the pub is named for the Italian puppets which first appeared in England in the Covent Garden area and were mentioned (as Polchinelli) with delight by the diarist Samuel Pepys in 1662, when he witnessed one of the first performances.

It is a popular pub at the corner of the building with distinct basement and first floor bars. The cellar bar has stone flagged flooring, bare bricked walls, low lighting and leads out on to a noisy enclosed courtyard where supervised children are allowed. The first floor balcony bar has an outdoor terrace overlooking the street entertainers below in front of St Paul's Church. There is no access for the disabled to either bars or toilets.

Note that the balcony bar has no cask ale and beer may be served in plastic glasses. A wide food menu includes Sunday roasts and a kids menu.