UK engineering firm plunges into administration – ‘valued at £300m’ | UK | News
A British engineering company once valued at £3 million has gone into administration after months of uncertainty. Versarien plc, which produces graphene for the clothing, automotive and aerospace industries, confirmed on January 6 that it had appointed joint administrators, marking “a huge loss for the region, the county and the country”, according to its former CEO and founder. This follows a tumultuous few years for the company, marked by financial troubles and a legal battle with its founder.
A statement from Versarien on January 6 said: “Following the company’s announcement of a second notification of its intention to appoint directors to the High Court of Justice on December 19, 2025, the company confirms today that it has appointed Andrew Knowles and Andrew Poxon of Leonard Curtis as joint administrators of parent company Versarien Plc.”
He confirmed that administrators will aim to sell Versarien’s remaining assets, including patents, trademarks and shares in Total Carbide Limited and Gnanomat S. He said the administration process was “not expected” to deliver any returns to Versarien shareholders, according to reports. Highlight.
Neill Ricketts founded the company in his garage in Gloucestershire in 2010 and at its peak it was worth £300 million, listed on the London stock exchange, employed more than 100 people and operated three factories in the UK.
However, the company faced a difficult period for several years; legal battle with its founder, after that He resigned as CEO in March 2023.
Versarien released a statement in February 2024 announcing that it had “received various non-numerical claims against the company and its directors under the Employment Rights Act 1996, made by the company’s former director, Neill Ricketts.”
All claims against the company and its directors were settled for an undisclosed sum. Versarien said the company or any of its executives did not accept liability.
The financial situation was also difficult. In October 2023, Versarien announced that it was slimming down its research and development team due to cost-cutting measures.
In July 2025, the company warned about its future after announcing a pre-tax loss of £1.49 million in the first half of the year. Business Live. Last September, Versarien announced the withdrawal of a potential Chinese investor.
Later, after Versarien decided to issue a notice of its intention to appoint administrators, three of the company’s non-executive directors – Sir Iain Gray CBE, Diane Savory OBE and Susan Bowen – all resigned with immediate effect.
Mr. Ricketts said he was “deeply saddened to hear the news” and that as a founder, “it is difficult to see something you created meet this fate.”
He said he was “extremely proud” of his colleagues “for developing significant world firsts, including the first commercial graphene product together with Richard Mille” over the years.
He noted that at its peak, the company was one of the 50 largest companies on London’s AIM stock exchange, with revenues of around £10 million “exceeding our initial expectations when we started the business in the garage in Cinderford”.
He added: “This is undoubtedly a huge loss for the borough, county and country and my thoughts are with those affected, including my former colleagues, suppliers and partners.
“Do I still think graphene has a great future? Without a doubt, and I’m sure graphene will be everywhere; it’s unfortunate that Versarien plc in its current form is not reaping the benefit of all that hard work.”
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