Godfrey died on 15 January 1741 and his oldest son, Boyle Godfrey, took over the business. But Boyle dabbled in alchemy, wasted his inheritance, and had to live on a pension provided by his brothers Ambrose and John, who took over the business in 1742. Ambrose and John were also unsuccessful and in 1746 were declared bankrupt. The business passed to their nephew, Boyle's son, named Ambrose Godfrey after his grandfather. The younger Ambrose was successful, carrying on the business until his death in 1797, when it passed in turn to his son Ambrose Towers Godfrey, who formed a partnership with Charles Cooke. The firm Godfrey and Cooke continued until 1915.
