Collapse of steel firm to cost supply chain £1.4m
Posted: Monday, April 10th, 2023
The failure of County Durham based Intelligent Steel Solutions will cost its supply chain at least £1.4m while 23 staff are set to lose their jobs. Letters seen by the Enquirer confirm the structural steel supplier is due to be placed into liquidation with 360 Insolvency handling the case. A report from the insolvency specialist said Intelligent Steel Solutions “relied to a large extent on supplying structural steel for projects being conducted by Henley Construct Limited.” Henley Construct – which had a turnover of £21m in 2021 – and Intelligent Steel Solutions share the same directors – Kashif Zafir Usmani and Tariq Zafir Usmani. The report from 360 Insolvency said Intelligent Steel Solutions has 55 unsecured creditors owed £1.4m who are not expected to receive anything for their unpaid invoices with the company having run-up a £4m loss in the last 15 months including inter-company loans. One subcontractor said: “Yet again the supply chain lose out – something really needs to be done about this.”
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