Turner's device Henry invested in tardily (5)
I believe the answer is:
lathe
'turner's device' is the definition.
(I've seen this in another clue)
'henry invested in tardily' is the wordplay.
'henry' becomes 'H' (symbol for the unit of electrical inductance).
'invested in' is an insertion indicator.
'tardily' becomes 'late' (synonyms).
'h' inserted inside 'late' is 'LATHE'.
(Other definitions for lathe that I've seen before include "Rotating machine tool" , "Revolver" , "Machine that turns wood or metal for cutting" , "Wood-shaping machine" , "Wood-turning machine" .)