For much of the last century huge stately piles, situated in the depths of the Oxfordshire countryside and redolent of a way of life that all but ceased in 1914, were little more than a potential source of headaches for their owners.

Eynsham Hall, near North Leigh, is a case in point. With a long lease recently acquired by property development and investment company Cathedral Group, which also owns Sundridge Park in Kent and Devonport House in Greenwich, it is now on the receiving end of a £250,000 plus investment programme.

Like other great houses in Oxfordshire, Eynsham Hall has found a new lease of life, thanks to the seemingly insatiable demand in this part of the world for conference centres.

Recently appointed general manager Jeremy Wall said: "There is certainly no sign of the market becoming over-supplied. I think it is because Oxfordshire is both beautiful and so well placed for the Midlands and London, and also for airports, that it makes such good conference country."

Certainly Eynsham Hall has more than a whiff of old-world splendour about it, even though its days of country house glory were short-lived. It was built to replace an earlier Georgian house in 1908 by James Mason, son of the rich mining engineer James Mason who had bought the estate in 1866.

Even today the flamboyant Edwardian architecture, in this instance taking on a mock-Jacobean guise, manages to incorporate fine marble, classical fireplaces from the earlier house.

And the south garden terrace, overlooking undulating countryside reminiscent of England before the industrial revolution, is also a leftover from the vanished 18th century mansion.

Now, in addition to the main house there are also new buildings in the grounds providing extra bedrooms, a swimming pool, and a gymnasium for conference delegates. There are also two tennis courts.

The day I visited, a conference from Lloyds TSB was in full swing and a good time of a constructive nature, of course seemed to be being had by all.

Mr Wall said that although conferences were now big business in Oxfordshire, competition was still relatively stiff and potential customers were always looking for something a little bit different.

He said: "At the moment there are 144 bedrooms here altogether. Of those 43 are in the main house but we shall have to spend some more money on turning some of them back into larger rooms.

"Too many doubles have been subdivided into singles, spoiling the proportions.

He added: "We have so far spent £80,000 in this room alone."

I looked round the great hall with its intricately patterned ceiling far above my head, and at its panelling exuding solid quality. He explained the money had gone on such things as furniture and, of course, wiring it all up for the Internet a must for the modern conference-goer.

Looking around, I noticed an ancient-and-modern touch in the shape of a few delegates from the Far East, ensconced in splendid armchairs, tapping away at laptops.

Upstairs, lectures were taking place in rooms lined with Victorian Chinese panels, complete with a few paintings left over from the old days.

Mr Wall explained that when it comes to trawling the market place for customers through the web, trade fairs, guide books it definitely helped to be part of a group.

A typical conference lasts two or three days, and Mr Wall added that the centre, with its 30 acres and 47 full-time staff, needed to diversify into other activities too.

He said: "We have about 40 weddings a year here. We also stage outdoor activities days and family fun days and private functions, such as anniversary dinners.

"Then there are events such as the Porsche National Rally in August. We keep busy."

After the Second World War many might have questioned whether a satisfactory use for a house built by a captain of industry in the early 20th century would ever find a modern use, so it is good to see it thrive.

In fact it has been in constant use more or less since it was built. During the war years it was used first by Barclays Bank and then by the Air Ministry.

In 1946 the Home Office took over the lease from Lady Evelyn Mason, who lived nearby until her death in 1947, and then it became a police training centre.

Even today, said Mr Wall, policemen who trained there often return for a visit.

It became a conference centre in 1981 and has passed through the hands of various leaseholders.

Now, with its geographical position at the heart of conference land and with money being spent, it could be set to flourish. Let us hope the modern economy stays buoyant enough.