An engineering firm in Gloucestershire that was already facing financial challenges says it is owed nearly £4,000 by a Lancashire housebuilder that has gone into liquidation.
AIM-listed Versarien entered into a contract to support Accrington-based Building for Humanity CIC (BFH) last year to provide 3D construction printing services initially valued at around £200,000.
Versarien, which makes products using graphene for the automotive, clothing, biomedical and aerospace sector, announced on Thursday (June 19) that it had invoiced BFH a total of £3,600 under the contract which remains outstanding.
BFH, which also has a southern office in Cornwall, appointed Ian McCulloch of Preston as liquidator on June 5, according to Companies House documents.
BFH used modern construction methods, including 3D printing, to build eco-friendly social housing. According to its website it was working with several councils which were offering the organisation land or empty commercial buildings in exchange for developing net-zero carbon-affordable homes.
One project mentioned on the BFH website was proposing to transform a disused piece of land on Charter Street in Accrington into 46 affordable net-zero carbon-ready homes with a community hub on site.
The announcement is likely to compound financial issues for Versarien which warned in March it would likely cease to be able to pay its liabilities by mid-May if it did not secure further funding, despite a narrowing of losses for the year.
The Longhope-based company said at the time that the board was in "advanced discussions" with a third party with a view to raising equity funding of £500,000 at a premium to the current share price.
Earlier in March, Versarien completed the sale of its South Korean factory and equipment for more than £600,000. The agreement with MCK Tech was announced 12 months ago as part of a strategy to monetise intellectual property (IP) through licensing.
In December the company also revealed its Spanish subsidiary had secured a €804,000 grant to finance a two-year project relating to a high-tech energy storage devices.
