HMRC information winding up petition towards Sanjeev Gupta’s Liberty Metal’s pipes enterprise

[ad_1] British tax authorities have filed a winding up petition towards Liberty Metal’s enterprise making pipes in northern England within the newest signal of the strain on the metals empire managed by the tycoon Sanjeev Gupta.

Courtroom filings record HM Income and Customs because the petitioner in a winding up petition towards Liberty Pipes (Hartlepool) that was filed on Tuesday.

The itemizing means that the petition pertains to an unpaid VAT invoice. Nevertheless, Liberty stated thateverything the enterprise owed to HMRC had been settled, and that there was no menace to the Hartlepool operations, which proceed to function and make use of 178 individuals.

A spokesperson stated: “Liberty Pipes Hartlepool has no excellent funds because of HMRC. We're in contact with HMRC to have the petition eliminated.”

The petition is nonetheless the newest signal of the growing monetary strain on Liberty Metal, which is a key a part of Gupta’s GFG Alliance, an off-the-cuff group of metals and vitality firms stretching from Australia by way of Singapore and Romania to northern England.

Gupta’s firms have been in hassle because the 2021 failure of Greensill Capital, which collapsed after lending GFG about $5bn (£3.7bn). Gupta has been engaged in long-running talks with the directors of Greensill, who're making an attempt to get well the cash.

Keir Starmer and Angela Rayner go to the Liberty Metal pipe mill in Hartlepool, County Durham, in 2021. {Photograph}: Ian Forsyth/Getty GFG has been beneath investigation by the UK’s Critical Fraud Workplace since 2021 in relation to the Greensill financing. The corporate and Gupta have denied wrongdoing. Gupta can also be being prosecuted by Corporations Home over the failure to file accounts for greater than 70 UK companies – together with these of Liberty Pipes (Hartlepool). He has pleaded not responsible.

Different key elements of Liberty Metal’s operations within the UK face the prospect of closure until they will discover new funding. An insolvency listening to postponed to later this month will resolve the destiny of Speciality Metal UK, which employs 1,450 individuals in South Yorkshire at an electrical arc furnace at Rotherham, and one other manufacturing unit in Stocksbridge, close to Sheffield. The Guardian revealed final month that ministers are contemplating stepping in to stop these websites from closing ought to they fall into administration.

The Hartlepool manufacturing unit in County Durham has the capability to make 250,000 tonnes of pipes a 12 months, for use by oil and fuel pipelines in addition to structural hole sections for buildings.

Nevertheless, its operations are prone to have been disrupted by difficulties in different elements of the enterprise, because it has beforehand relied on plate metal sourced from Liberty Dalzell, a plate mill in Motherwell, close to Edinburgh. The Guardian revealed in Might that Dalzell had not produced any merchandise since July 2024.

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The final accounts filed for the Hartlepool firm, for the 12 months to March 2020, confirmed a small revenue. The accounts additionally confirmed that regardless of the revenue, the corporate had internet liabilities of £4.7m, and advised that it was reliant on its Singapore-incorporated mother or father firm, Liberty Home Group, to maintain working.

A supply near the corporate denied that it was in monetary problem and blamed “administrative errors” at HMRC. They added it was at present engaged on a North Sea carbon seize pipeline.

HMRC was approached for remark.

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HMRC information winding up petition towards Sanjeev Gupta’s Liberty Metal’s pipes enterprise | Metal trade

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