A British engineering company once valued at £3million has plunged into administration after months of uncertainty. Versarien plc, which makes graphene for the clothing, automotive and aerospace sectors, confirmed it appointed joint administrators on January 6, coming at a “great loss for the district, county and country,” according to its former CEO and founder. It follows a turbulent few years for the company, marked by struggling finances and a legal battle with its founder.
A statement from Versarien on January 6 said: “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 administrators would aim to sell Versarien’s remaining assets, including patents, trademarks, and shareholdings in Total Carbide Limited and Gnanomat S. It said the administration process “was not expected” to result in any returns to Versarien shareholders, reports Punchline.
Neill Ricketts founded the company in his garage in Gloucestershire in 2010, and at its peak, it was valued at £300million, floated on the London stock exchange, employed over 100 people, and operated three factories in the UK.
However, the company has faced a challenging few years, including a legal battle with its founder, after he resigned as CEO in March 2023.
Versarien issued a statement in February 2024 announcing 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 against the company and its directors were settled for an undisclosed sum. Versarien said there was no admission of liability by the company or any of its directors.
Finances have also been challenging. In October 2023, Versarien announced it slimmed its research and development team due to cost-cutting measures.
In July 2025, the company warned about its future after posting a pre-tax loss of £1.49million for the first half of the year, reports Business Live. Last September, Versarien announced the withdrawal of a potential Chinese investor.
Then, after Versarien resolved to serve a notice of intention to appoint administrators, three non‐executive directors of the company – Sir Iain Gray CBE, Diane Savory OBE and Susan Bowen – all resigned with immediate effect.
Mr Ricketts said he was “deeply saddened to hear the news” and that as a founder, it was “hard to see something you have created suffer this fate”.
He said he was “extremely proud” of his colleagues over the years in “developing a significant world first, including the first-ever commercial graphene product with Richard Mille”.
At its peak, he noted the company was one of the top 50 companies on the London AIM exchange, with a revenue of almost £10million, “surpassing our initial expectations when we started in that garage in Cinderford”.
He added: “It is no doubt a great loss for the district, county and country and my thoughts are with those affected including my ex-colleagues, suppliers and partners.
“Do I still think that graphene has a great future? Without doubt, and I am sure that graphene will be everywhere, it is just unfortunate that Versarien plc in its current guise just won’t benefit from all that hard work.”
