The business began in 1937 when founder Wolfrett "Wolf" Eldredge, grandfather to current owner Scott Eldredge, began marketing lumber salvaged from the demolition of the massive Passaconaway Inn, a 19th century Cape Neddick summer resort hotel. Using his sawmill and planing mill, Wolf eventually expanded the business into custom millwork, manufacturing items such as doors & windows. Eventually the business was taken over by his sons, Burke E. Eldredge and Wolfrett "Sport" Eldredge, Junior, who was Scott's father.

In 1957, after a fire destroyed their facility in York Beach, Sport moved the business to Route One in Cape Neddick. It was here that the lumber yard and hardware store were added to the existing sawmill and planing mill.

Sport is responsible for starting the business that is now known as Eldredge Lumber & Hardware.