UK engineering agency plunges into administration – ‘valued at £300m’ | UK | News | EUROtoday

A British engineering firm as soon as valued at £3million has plunged into administration after months of uncertainty. Versarien plc, which makes graphene for the clothes, automotive and aerospace sectors, confirmed it appointed joint directors on January 6, coming at a “great loss for the district, county and country,” based on its former CEO and founder. It follows a turbulent few years for the corporate, marked by struggling funds and a authorized battle with its founder.

A press release from Versarien on January 6 stated: “Following the company’s announcement on December 19, 2025, that a second notice of intention to appoint administrators had been filed in the High Court of Justice, the company now confirms that it has today appointed Andrew Knowles and Andrew Poxon of Leonard Curtis as joint administrators of the parent company, Versarien Plc.”

It confirmed directors would intention to promote Versarien’s remaining property, together with patents, logos, and shareholdings in Total Carbide Limited and Gnanomat S. It stated the administration course of “was not expected” to end in any returns to Versarien shareholders, studies Punchline.

Neill Ricketts based the corporate in his storage in Gloucestershire in 2010, and at its peak, it was valued at £300million, floated on the London inventory trade, employed over 100 individuals, and operated three factories within the UK.

However, the corporate has confronted a difficult few years, together with a authorized battle with its founder, after he resigned as CEO in March 2023.

Versarien issued a press release in February 2024 saying it had “received various unquantified claims under the Employment Rights Act 1996 against the company and its directors made by Neill Ricketts, a former director of the company”.

All claims in opposition to the corporate and its administrators have been settled for an undisclosed sum. Versarien stated there was no admission of legal responsibility by the corporate or any of its administrators.

Finances have additionally been difficult. In October 2023, Versarien introduced it slimmed its analysis and growth group as a result of cost-cutting measures.

In July 2025, the corporate warned about its future after posting a pre-tax lack of £1.49million for the primary half of the yr, studies Business Live. Last September, Versarien introduced the withdrawal of a possible Chinese investor.

Then, after Versarien resolved to serve a discover of intention to nominate directors, three non‐govt administrators of the corporate – Sir Iain Gray CBE, Diane Savory OBE and Susan Bowen – all resigned with fast impact.

At its peak, he famous the corporate was one of many high 50 corporations on the London AIM trade, with a income of just about £10million, “surpassing our initial expectations when we started in that garage in Cinderford”.