Versarien, the UK company founded in 2011 to commercialise graphene in multiple markets, has moved a step closer to insolvency after its board resolved to appoint administrators on December 1^st.

This prompted the suspension of trading in its shares on London’s AIM market and the immediate resignation of its non-executive directors.

The advanced engineering materials company said it had continued to work with restructuring adviser Leonard Curtis while exploring options to sell its remaining assets. A prospective buyer for the company withdrew from talks at the end of November.

Although potential buyers reportedly remain interested and creditors maintain support, the board concluded that it could no longer rely on that support to continue operating.

It consequently issued a notice of intention to appoint Leonard Curtis as administrator, triggering a ten-day protection period during which secured creditors can propose an alternative insolvency practitioner.

Versarien said Leonard Curtis would use the window to attempt to complete a transaction with interested parties, adding that a deal could still avert a formal administration.

If no agreement was reached within the timeframe, administration proceedings would begin.

As a result of the filing, trading in Versarien’s ordinary shares has been suspended and the company has also confirmed that non-executive directors Sir Iain Gray, Diane Savory and Susan Bowen had resigned with immediate effect.

Versarien, which has collaborated on over 100 projects related to the integration of graphene materials and textiles since its formation, said it would provide further updates in due course.

www.versarien.com