One day Henry Peto asked William Woods (an old waiter at his favourite lunch-time dining room, the Rainbow Chophouse in Fleet Street) whether he would like to keep a hotel.
[3] John Miles died in the early stages of construction, leaving Peto to deal with the difficulties.
To cut costs Peto dramatically reduced the specification of the work he undertook with the outcome that part of the building collapsed.
The ensuing investigation found the true extent of the poor workmanship, prompting questions in Parliament in 1825.
Henry's widow eventually lost in the courts and the two nephews, now in partnership as Grissell and Peto were free to begin building up the business.