Prior to signing for Rovers, Penrice spent time in the reserve-team. After making his first-team début, Penrice went on to become a regular, playing alongside ex-school friend Ian Holloway. Penrice's twenty goals helped Rovers into the
Third Division play-off final in 1989, only to be beaten 2–1 on aggregate by
Port Vale. Penrice would later miss out on a fairytale Third Division Championship success with
Bristol Rovers to sign for
Watford for a club record £500,000 sale late in 1989. Penrice played for Watford for only one season, scoring 18 goals in 43 appearances, including a run of eight goals in his first nine games, before catching the eye of First Division side
Aston Villa. Following his season with Watford, Penrice was snapped up by Aston Villa for a £1 million in 1991. He went on to score only once for the club in twenty games, spending much time on the sidelines with a broken leg. Just eight months after signing for Villa, Penrice was taken to
Queens Park Rangers by former Rovers boss
Gerry Francis. He joined an ex-Rovers enclave and teamed up again with Ian Holloway. Penrice made his début for QPR in November 1991 against Aston Villa and went on to play 63 league games, scoring twenty goals. In November 1995, Penrice signed for former club Watford. After scoring over twenty top-flight goals, Penrice, now 31, reverted to a deeper creative-midfielder role. Penrice re-signed for Bristol Rovers on a free transfer in the summer of 1997 to lead them to the Second Division play-offs that year alongside player-boss Ian Holloway in the centre of midfield. After a 16-year career, scoring 110 goals in 400 professional appearances, Penrice retired from playing and became Holloway's assistant manager at Rovers after Phil Bater moved to take control of the youth team. ==Post-playing career==