The firm F. W. Preece Pty Ltd was founded by Frederick William Preece, who opened a bookshop at 36 (later 34) King William Street, Adelaide, in 1907. During the course of the business, which continued until 1971, Preece's was an integral part of the cultural life of Adelaide. As well as selling books and operating a lending library and an art gallery, F. W. Preece was a publisher of books by local authors, many in association with Hassell Press as printer. The company became F. W. Preece and Sons when Frederick's sons Edgar and John were made partners in 1924. They continued the business after Frederick Preece died in 1928.
F. W. Preece published a range of South Australian history, poetry and novels, some of which had an association with the Jindyworobak movement. In 1930 John Preece was a founder and the publisher of the literary magazine Desiderata, in which original writing by some notable Australian and overseas writers was published.
John Preece opened a branch of the bookselling business in the Victoria Arcade in Sydney in 1934. It was continued after his retirement by William Bonython Pitcher, who later operated it from Gilbert Place, Adelaide.