John Preston, the son of Alexander Preston, was born in 1816 at Loughgall, Co. Armagh.

He served an apprenticeship with Brice Smyth & Sons, linen merchants, Banbridge, Co. Down. Preston moved to Belfast in 1840 to work in the yarn and flax trade. He established the firm John Preston & Co, which became a leading business in Belfast’s linen trade. Preston was also chairman of the County Down Flaxspinning Company, which had their premises at Donegall Square South.

Preston was elected to the Belfast Corporation in 1856 as a councillor for Smithfield Ward. In 1860 he was elected as an alderman for the same ward, later serving as senior alderman.

In 1873 Preston was elected as president of the Chamber of Commerce and served as the Chamber’s honorary treasurer from 1880 until his death. He served on the Belfast Harbour Board and was instrumental in bringing about major work on the Alexandra Graving Dock.

Preston made significant donations to the Church of Ireland in support of church building. He presented an organ to St James’ Church, Antrim Road, in addition to erection of two stained glass windows in memory of his children.

In 1878 Preston was knighted by the then Lord Lieutenant, the Duke of Marlborough.

He died in August 1890 at his Dunmore residence on the Antrim Road.