Boss Gary Peters was disappointed to miss-out on the player, having identified him as a desireable summer signing.
Peters told the Shropshire Star: "We tried to sign Richard Butcher and he was one of the top targets for us."
The Town boss said the disappointment was compounded by the fact that he thought he was close to securing Butcher's services. He said: "Until the last minute we thought we were holding all the aces and we were very confident of getting him. A lot of clubs in higher leagues were interested in him but he spoke to us, we sold him our story and he was interested."
The Peters revolution has already secured several minor coups, with players signing despite interest from clubs in higher leagues.