Leonard Curtis partners Andrew Knowles and Andrew Poxon have been appointed as joint administrators of AIM-listed Versarien plc, bringing to a head a prolonged period of financial distress for the graphene specialist.
Versarien, an IP-led advanced materials business incorporated in 2013 with more than 100 patents covering the manufacture and application of graphene and other materials, had been close to administration throughout 2025.
In late September, the Gloucestershire-based company – led by CEO Stephen Hodge (pictured) – warned it would run out of cash by November, having already described its position in July as “fragile” with cash reserves of £650,000.
The board had been pursuing third-party investment as part of a turnaround plan and appointed Leonard Curtis in an advisory capacity in May 2025, before launching an accelerated M&A process in August.
Hopes of a rescue emerged in October when a fellow listed company agreed provisional terms for a £200,000 deal to acquire Versarien’s shares in Total Carbide Limited and Gnanomat SL, alongside key assets including patents, trademarks and graphene production equipment.
Under that proposal, the buyer would also have assumed responsibility for a £5.7 million Innovate UK loan, leaving Versarien as a cash shell seeking a reverse takeover.
However, the deal ultimately collapsed and in early December Versarien announced its intention to appoint administrators, triggering a 10-day protection period from creditor enforcement and the suspension of its AIM-quoted shares.
Around the same time, non-executive directors Sir Iain Gray CBE, Diane Savory OBE and Susan Bowen resigned with immediate effect.
Despite receiving expressions of interest during the sale process, the board concluded that none were acceptable in the context of the company’s cash constraints, leading to the formal appointment of administrators.
“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,” said Knowles.
“However, we are currently in negotiations with several parties who are looking to acquire the business and assets from the administrators.”