The sale of stricken Versarien plc has collapsed at the final hurdle and administration now seems likely.
The graphene specialist has been close to administration throughout 2025 and said in late September that it would run out of cash by November.
The Gloucestershire-based firm agreed a £200,000 deal with an unnamed fellow listed company at the end of October which would have seen it buy Versarien’s shares in Total Carbide Limited and Gnanomat SL, together with assets including patents and trademarks held by Versarien and graphene production equipment held by Versarien Graphene Limited – the latter of which is already in administration.
The deal was £100,000 for the assets and £100,000 for the shares, while the acquirer was also to take on responsibility for an Innovate UK loan of £5.7 million. Versarien plc would have become a cash shell company and looked for reverse takeover opportunities after settling its remaining liabilities.
The deal, subject to due diligence, was expected to complete by the end of November, with Versarien warning that should it collapse, the board “may have no alternative but to seek to appoint administrators to Versarien plc”.
This morning it said it had been notified by the potential acquirer that it is withdrawing its offer. “The board is in the process of taking advice and considering its options. As stated previously this may include appointing administrators to the company,” it said.
The AIM-listed graphene specialist has been battling financial headwinds for months, having warned in early 2025 that without new funding it could fail to meet its liabilities by mid-May.
By July, it described itself as on a ‘fragile financial footing’, disclosing cash reserves of £650,000.
At that time, chief executive Stephen Hodge (pictured) insisted there were reasons for optimism despite the pressure.
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