IP-led engineering company, Versarien PLC, which specialised in the use of graphene in road building, has gone into administration.
Versarien PLC was incorporated on 25th February 2013 and had over 100 patents covering the manufacture and application of advanced materials, including graphene. One of its key firm's products was Cementene – a concrete admixture designed to boost strength and cut carbon.
According to reports, the company had worked with Balfour Beatty on developing new materials and concrete mixes and a Skanska Costain Strabag Joint Venture (SCS JV) to trial graphene reinforcement in 3D printed concrete. It was also a member of the National Highways Roads Research Alliance and the Digital Roads of the Future project.
Andrew Knowles and Andrew Poxon from Leonard Curtis were appointed as joint administrators.
In a statement, Leonard Curtis said Versarien 'had been making losses for several years'.
The board had been pursuing third-party investment as part of a turnaround strategy, but it became clear that this investment was unlikely and despite 'some expressions of interest being received, the going concern proposals were not acceptable to the board and therefore, given the cash constraints of the business', the administrators were called in.
Mr Knowles commented: 'We are disappointed that a solvent sale of the business did not take place, despite reaching out to both industry and non-industry specific parties. However, we are currently in negotiations with several parties who are looking to acquire the business and assets from the Administrators.'
