Versarien plc has filed a notice of intention to appoint administrators and trading of its shares on the AIM has been suspended.
The company has been taking advice from insolvency specialists at Leonard Curtis while exploring options for the disposal of assets.
The company announced today: 鈥淲hilst there continues to be interest shown in acquiring these assets, the board is conscious that, as previously advised, it is reliant upon the support of its creditors to continue its operations. Although creditors continue to be supportive, the board has regrettably resolved to serve a notice of intention to appoint Leonard Curtis as administrators.鈥�
The purpose of the notice is to protect the company from creditor enforcement action for two weeks and allow secured creditors to appoint an alternative administrator, if they wish.
Versarien is the company behind the proprietary graphene admixture, Cementene.聽聽Banagher Precast Concrete demonstrated in 2023 that 20% of ordinary Portland cement聽(OPC) can be removed from its typical precast concrete mix by using Cementene.
Last year Versarien signed an agreement with Balfour Beatty to develop new materials and concrete mixes together.
Versarien is also a member of the National Highways Roads Research Alliance and the Digital Roads of the Future project.
It worked with Skanska Costain Strabag Joint Venture (SCS JV) to trial graphene reinforcement in 3D printed concrete elements in a phase of construction for HS2.
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