Versarien plc, a British engineering firm once valued at £300 million, has entered administration following a period marked by financial difficulties and legal disputes. The company, which specializes in graphene production for industries including clothing, automotive, and aerospace, appointed joint administrators on January 6, 2026.
Neill Ricketts, the former CEO and founder of Versarien, expressed that this situation represents “a great loss for the district, county, and country.” The administration process will focus on selling the firm’s remaining assets, which include patents and trademarks, as well as shareholdings in Total Carbide Limited and Gnanomat S.
Financial Struggles and Legal Challenges
Versarien’s troubles have been compounded by a series of challenges in recent years. The company officially announced its intention to appoint administrators on December 19, 2025, following a turbulent period that included a legal conflict with Ricketts, who resigned as CEO in March 2023. In February 2024, Versarien disclosed that it had faced unquantified claims under the Employment Rights Act 1996 from Ricketts. Although these claims were settled for an undisclosed amount, the company made clear that there was no admission of liability.
Financially, Versarien has struggled to maintain stability. In October 2023, the company announced a reduction in its research and development team as part of cost-cutting measures. The situation worsened in July 2025, when Versarien reported a pre-tax loss of £1.49 million for the first half of the year. This financial instability was further exacerbated by the withdrawal of a potential investor from China last September.
Impact on Staff and Operations
The administration announcement comes on the heels of significant changes within the company’s leadership structure. Following the notice to appoint administrators, three non-executive directors, including Sir Iain Gray CBE, Diane Savory OBE, and Susan Bowen, resigned immediately. This reshuffling reflects the ongoing turbulence within the firm.
At its height, Versarien was celebrated as one of the top 50 companies on the London AIM exchange, employing over 100 staff and operating three factories throughout the UK. Its revenue reached nearly £10 million, exceeding initial expectations when Ricketts founded the company in his garage in Gloucestershire in 2010. The decline of Versarien serves as a cautionary tale about the challenges faced by firms in emerging industries, particularly those reliant on innovative materials like graphene.
As the administration process unfolds, the future remains uncertain for Versarien’s employees and stakeholders. The company has indicated that it does not expect to provide any returns to its shareholders during this transition.
