Published Tuesday, 08 May 2012
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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.