James Ellis Peake (1797-1860), son of George Peake, arrived in Charlottetown, Prince Edward Island, from Plymouth, England, in 1824. He quickly established himself as an important shipowner, shipbuilder, and merchant, perhaps operating as an extension of the family business of Peake and Sons in Plymouth. Due to his ill health, James and his family returned to Plymouth in 1856 apparently leaving his affairs in the hands of Mr. James Moore of Charlottetown. James died in East Stonehouse, County Devon, in 1860.

In 1863, the James Peake Jr. returned to Prince Edward Island and picked up the threads of his father's business as Peake Bros. & Company. His brothers Ralph and George later joined him. Ralph was a partner in the company until his death on 11 January 1879. The family business continued to operate at a reduced scale into the 1900's under the direction of George Peake who had taken over when James left PEI in 1888.