price was the son of william price of gloucester and his wife frances george, daughter of phillip george of bristol. he was educated privately. he ran a successful timber company, and was also involved in the railway industry, being a director of the midland railway company. in 1840 he became a director of the gloucester banking company, and was later made the chairman in 1865. price was a deputy lieutenant and j.p. for gloucestershire and in 1849 was made high sheriff of gloucestershire.