The name of Heywood is one that features often in the history of Manchester.  The family business was banking and Oliver's father Sir Benjamine Heywood owned Heywood's Bank which occupied the building on the corner of St. Ann's Street and St. Ann's Square.  Oliver entered the family business after completing his education at Eton and Oxford.  Like his father Oliver was known not only for his business success but for the various charitable causes he supported including The Mechanic's Institute, Chetham's Library, Manchester Grammar School and Owen's College.

In 1888 Oliver was made the first honorary Freeman of the city of Manchester and later that same year he was appointed as the High Sheriff of Lancashire.  He died in 1892 at the age of 67.

The statue stands between Gladstone and Prince Albert and facing the Town Hall in Albert Square.  It was paid for by a subscription fund of £2,665 and executed in white marble by Albert Bruce Joy.

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