The second Hall was completely burnt-out during an air raid of 10 May 1941, when a gas main in London Wall ignited. Most of the Company’s furniture, pictures, archives and silver survived, including the sixteenth century wall paintings, but its extensive library and paperwork were lost. Fitments salvaged from the first Hall were also lost, including the stained glass windows and the Jacobean chimney pieces.
The re-building of the Hall began in 1956 within the external walls of the old Hall, which had survived and were deemed to be of architectural interest.
Designed by Austen Hall and built by Dove Brothers, the new Hall included more spacious accommodation and office space for letting. At least 18 different kinds of wood were used throughout the building, which was intended to act as a showcase for the craft of carpentry.
A bridge was built over Throgmorton Avenue to house part of the large banqueting hall, and additional windows were added on the second floor, modifying the external appearance of the Hall. The new banqueting hall was designed by Clifford Wearden of Sir Basil Spence's practice, in a modern, contemporary style.
The Hall was opened in 1960 by Sir Edmund Stockdale, Lord Mayor of London and Junior Warden of the Company.