Versarien, which has been in financial trouble for months, has collapsed into administration. The Company has appointed business advisory firm Leonard Curtis to oversee its affairs after filing an intention of notice to appoint administrators in December.
The company, which suspended trading on AIM last month, produced graphene for use in the aerospace, clothing and biomedical sectors. The group fell into financial difficulty last year and was forced to put a number of its businesses and assets up for sale.
"Following their appointment, the joint administrators will continue to look to conclude a transaction for the sale of Versarien's remaining assets, comprising primarily its patents and trademarks, together with its shareholdings in Total Carbide Limited and Gnanomat SL which continue to trade as solvent businesses," Versarien said in a statement.
It is not expected that the administration process will result in any returns to Versarien shareholders.
As a result of the appointment of administrators, SP Angel Corporate Finance has resigned as nominated adviser and broker to the company with immediate effect.
