William Carter had an ironmongery shop in High Street, Oxford by 1812, when he founded an iron foundry in Summertown which was then a rural location north of Oxford. He moved the foundry to the banks of the Oxford Canal in 1825, one of the first developments in what is now the district of Jericho in central Oxford. The company specialised in iron castings including lamp-posts, manhole covers, ornamental ironwork and agricultural machinery. William Grafton became a partner and in 1830 Carter moved to the Eagle Foundry in Leamington Hastings, Warwickshire. Grafton continued to manage the foundry in Oxford, which became called the Eagle Ironworks. In 1854 the company bought the freehold for the site from St John's College, which owned much of north Oxford. When Grafton died in 1861, William Lucy, his partner, took over the running of the foundry. When he in turn died in 1873, the name of the ironworks became "Lucy's".