Firm fights back from liquidation

Published Tuesday, 08 May 2012
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Mid-Ulster businessman John Conway has fought a long and hard battle to get his company Meteor Electrical back into trading.

Firm fights back from liquidation
John Conway, owner of Meteor Electrical. (© UTV)

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
kissiwah in Kumasi-Ghana wrote (871 days ago):
Excellent submissions.Keep it up.
Sam Kennedy in Coleraine wrote (993 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 (993 days ago):
Well done John great to see those bad times turn good again, best of luck for the future.
James in Dungannon wrote (994 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 (994 days ago):
well done ,great example in these tough times
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