Oakwood Mill was a former cotton-spinning mill located on the north side of Grenville St and it was built in the 1850s but is now derelict. On the south side of Grenville St was Staley Mill and both mills were originally worked by the Staly [sic] Mill Co. Later, both mills were worked by the associated companies, Staley Mill Co Ltd and the Millbrook Spinning Co Ltd but Staley Mill is no longer extant. The fireproof Oakwood Mill was built of millstone grit and it originally had a slate roof. It is 3-storeys high by 13 bays long. The crenellated clock tower is dated 1857 and it is likely that the mill was completed around this time.

The mill specialised in the manufacture of spun yarn with medium counts of twist per inch (TPI). In the manufacture of spun yarn, a medium twist produces optimum smoothness and softness of the woven fabric.

At first, the mill was powered with a beam engine but in 1908 this was replaced by a triple-expansion steam engine built by Yates & Thom Ltd of the Canal Ironworks/Canal Foundry, Manner Sutton St, Blackburn. This was housed in a new engine house with internal white-glazed bricks. New boilers and rope drives were also installed. By 1911 this engine was powering 59,000 mule spindles and 7,000 ring spindles.

Both mill companies went into liquidation in 1935 and the machinery was sold off in 1937. Oakwood Mill then stood vacant until it was repurposed to house Italian Prisoners of War during the World War II. After the war the mill returned to industrial use, including cotton spinning (until 1961) and bleaching and dyeing by the Dukinfield Bleaching Co Ltd. In Feb 2018, the mill suffered a major structural failure when floors collapsed due to heavy ice and rain.

The derelict Oakwood Mill is Grade II listed, List Entry No. 1084302.