One source which cannot be checked suggests that the Magneta company was founded in Switzerland in the 1890’s.
The British Vacuum Cleaner Company BVC was founded in 1902 by Hubert Cecil Booth and listed as a Public company in 1903. BVC produced vacuum cleaners, washing machines etc all under the "Goblin" Brand at of Goblin Works, Leatherhead in Surrey.
BVC acquired the UK Magneta Time Company in about 1937. The Magneta Time Company remained as a separate division of BVC. They manufactured master clocks for use in post offices, telephone exchanges and other commercial and industrial settings. By 1947 Magneta were manufacturing the Goblin Timespot, Industrial Radio Receivers and Public Address Systems.
By 1969 Magneta BVC, were making a wide variety of products in Fulham, including music systems, time recorders, master clock systems, public address systems, disco turntables, and electronic security systems.
The UK Post Office or GPO needed a system to measure the length of a telephone conversation for billing purposes. The Magneta company designed and supplied these GPO master clocks and developed the design into time recording systems.