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Magna Group plc shut down

Post Time:Feb 25,2009Classify:Company NewsView:399

A group of four recycling companies have been put into provisional liquidation by the Department for Business.

Run by 66-year-old Ronald Lewis of Solihull, West Midlands, the four are Magna Group PLC, Magna Engineering, Magna Recycling and Magna Toughened Glass.

According to the Insolvency Service, the companies are now subject to High Court action and no further comment will be made until a hearing scheduled for April 1.

But a clue to the reason for the liquidation may lie in the fact that shares in Magna Group were touted by cold-callers who gushed about a profitable niche in recycling glass from car windscreens. Was it profitable? Bit hard to say, since the company accounts that should have been filed in July last year are now long overdue.

Source: Mirror.co.ukAuthor: shangyi

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