Versarien collapsed into administration last month after running out of cash
Graphene firm Versarien’s base in Longhope, Gloucestershire(Image: Google Maps)
A Gloucestershire engineering company that produced graphene for use in the clothing, aerospace and biomedical sectors has delisted from AIM. Longhope-based Versarien was in financial trouble for months before it collapsed into administration in January.
The business appointed advisors from Leonard Curtis last month to oversee its affairs after filing an intention of notice to appoint administrators in December. The group fell into financial difficulty last year and was forced to put a number of its businesses and assets up for sale.
On Monday (February 9), it issued a statement to the stock market that read: “Pursuant to AIM Rule 1 the following securities have been cancelled from trading on AIM with effect from the time and date of this notice.”
Versarien was founded at the end of 2010 to commercialise an innovative process for making metallic foams developed at the University of Liverpool. After its launch on AIM in June 2013, the company began acquiring businesses and expanding its Gloucestershire workforce.
By 2015, it had won a government Innovate UK grant to help it develop its technology.
But in recent years the business has struggled with cash flow and last year was forced to place a number of its businesses in administration. In July, Versarien confirmed it had closed down its Korean arm and in August the Chancellor of the Duchy of Lancaster blocked the proposed sale of Versarien assets to a Chinese joint-venture on security grounds.
The decision was made on the basis of maintaining the security of know‐how and intellectual property relating to the production and use of graphene with dual‐use applications.
Three months later a deal to sell Versarien’s remaining assets and subsidiaries to an unnamed public company fell through. The agreement was for some £200,000 and involved the sale of Total Carbide Limited and Gnanomat SL, the patent and trademark portfolio held by Versarien, as well as the graphene production equipment held by Versarien Graphene Limited.