After the dissolution of the Hospital of St Thomas of Acre in 1538, the hospital's land was bought by the Mercers' Company, and the school was founded in 1542 under letters patent of King Henry VIII dated 18 April 1542. It is possible that the new school continued one that had been established in the hospital by an Act of Parliament of 1447, which may have dated back as far as the foundation of the hospital itself in 1190. At different times school had several different homes in the City of London: Cheapside, Old Jewry, and College Hill (Dowgate); in 1894 it moved to Barnard's Inn, a site on the south side of Holborn.