John Owens, the son of Owen Owens, was born in 1790. John's father came from Holywell in Flintshire who set up business in Manchester as a hat-lining maker. After being educated privately at Ardwick, John joined his father in the family business in 1817. Together they built up their company to be one of the most important in the cotton industry.

The Owens purchased calicoes and coarse woollens from local manufacturers such as John Fielden and Thomas Ashton and then shipped them to China, India and North America. The company was also involved in importing cotton, hides, wheat and other produce from these countries. When Owen Owens retired John Owens continued to expand the business and became a major investor in the emerging railway system.

Owens held strong views on education and religion. A Nonconformists, Owens objected to the dominate role that the Church of England played in education. Owens, who never married, decided that he would leave most of his wealth to help establish a further education college for men that would not have: "to submit to any test whatsoever of, their religious opinions".

John Owens died at his house in Chorlton-upon-Medlock on 29th July, 1846. In his will he left £96,654 for the establishment of Owens College. His Unitarian friends, John Fielden and Thomas Ashton, were amongst those involved in purchasing the former home of Richard Cobden, in Quay Street, Deansgate, the college's first premises. Owens College was opened in 1851.