Firm fights back from liquidation

Published Tuesday, 08 May 2012
Comments
Toggle font size
Print

Mid-Ulster businessman John Conway has fought a long and hard battle to get his company Meteor Electrical back into trading.

Video available to UK viewers only.
We’re sorry. This video is unavailable from your location.

To find out if this video is available to you, we need to know what region you live in. Please enter your postcode below (including space).

Frequently Asked Questions

Thank you for confirming your region.

Frequently Asked Questions

We are sorry but this video is not available on u.tv in your region. Your region is listed below.

Frequently Asked Questions

Are you in Northern Ireland?

1. Why is my postcode required?

We are asking you to insert your postcode before watching some videos to confirm you can access the video content via u.tv.

This is because some videos on u.tv are only available in Northern Ireland.

Don't worry, we won't store or use this information for any other purpose.

If you are not in Northern Ireland, the content may be available to watch at itv.com or stv.tv.

2. Why am I directed to itv.com or stv.tv when I try to view certain clips?

The videos, which are not available on u.tv to users outside Northern Ireland, will be available to those users on itv.com (for users in England and Wales) or stv.tv (for most users in Scotland).

We need to know where you are in order to make sure you are getting the right content.

If you think we've got your location wrong, then please click here.

Need more help? Contact us

His firm is one of many across the region that has suffered due to the recession.

At the height of its success, Meteor Electrical employed 200 people and sold millions of pounds worth of stock on a monthly basis at its headquarters just outside Cookstown.

Mr Conway's successful career paid for a villa in the south of France and other holidays abroad for him and his family.

However, the collapse of the construction industry and a squeeze by the banks played a part in Meteor Electrical's downfall.

A disastrous hedging ploy in the currency markets also hit the firm hard with almost £2million being lost.

After entering liquidation three years ago, it was not just his company that was on the line - but his family home too.

Mr Conway told UTV that his "lowest point" was the day he told the last of his employees they were closed for business.

The high profile businessman said he struggled as he broke the news to his employees - some of whom had been with him for 20 years.

But now, with encouragement and professional support, John Conway has got back into business.

Having received a £500k bank loan, things are looking brighter.

He explained: "I was looking for £750,000 but it took me 25 months and took me something like 18'000 phone call and 800 emails and 18 meetings."

Meteor now has a workforce of 12 selling electrical goods - but this time, it is solely trading on the internet.

© UTV News
Comments Comments
6 Comments
kissiwah in Kumasi-Ghana wrote (253 days ago):
Excellent submissions.Keep it up.
Sam Kennedy in Coleraine wrote (375 days ago):
I have known John Conway since he worked as a cable jointer for Northern Ireland Electricity Board. He began his electrical wholesaling business working after hours from a store in a farm byre. John has been to hell and back since the liquidation of his business. I am delighted and not in the least surprised that he is making a comeback. This country desperately needs people like John who will fight to the death to keep family firms running through almost impossible difficulties which were not of their own making. Without these men there is little hope for jobs or future prosperity for Northern Ireland. I wish John future success even though he is a competitor of my business. Sam Kennedy SRK Equipment Company
Jon in Belfast wrote (375 days ago):
Well done John great to see those bad times turn good again, best of luck for the future.
James in Dungannon wrote (376 days ago):
Great news. Yo could not deal with a nicer guy both inside and outside of business!!! Encouragement for plenty of others who are struggling.
Rob in Belfast wrote (376 days ago):
well done ,great example in these tough times
POST A COMMENT:
Name:  
Email address*:    
Location:  
Validation:
House Rules:  
Your Comment:  
[All comments are moderated and will not appear immediately. Your name, location and comment will be displayed on this page if your post passes moderation.]
MOST POPULAR GALLERIES
UVF centenary parade
Sat 20 April 2013
BGT auditions - Week 2
Sat 20 April 2013