The first slate quarry on the site of what was to become Oakeley, was begun in 1818 when Samuel Holland, a Liverpool merchant, leased land near Rhiwbryfdir farm. The landlords, the Oakeley family of Tan y Bwlch took a 10% royalty for the three-year lease. In 1821, at the end of the initial three years, Holland took a further 21-year lease on the site, but he sold this in 1825 to the Welsh Slate Company which considerably extended the quarry. The Welsh Slate Co.'s undertaking was the lowest on the mountain it became known as Lower Quarry - also known as Lord Palmerston's Quarry.