Troubled Gloucestershire engineering firm Versarian is considering appointing administrators after the sale of its remaining assets and subsidiaries collapsed.
The latest blow comes after months of financial difficulties for the Longhope-based business, which produces graphene for use in sectors including automotive, biomedical and clothing.
In October, the AIM-listed company signed a non-binding heads of terms with an unnamed Ƶ public company but on Wednesday (November 26) Versarien confirmed the potential acquirer had withdrawn. The agreement was for some £200,000.
It involved the sale of Total Carbide Limited and Gnanomat SL, the patent and trademark portfolio held by Versarien, as well as the graphene production equipment held by Versarien Graphene Limited, which is in administration.
In a statement to the stock market on Wednesday, Versarien said: "The company has now been notified by the potential acquirer that it is withdrawing its interest as detailed previously."
It added: "The period of exclusivity in the heads of terms therefore falls away and the board is in the process of taking advice and considering its options. As stated previously this may include appointing administrators to the company."
Versarien told investors it would make further announcements in "due course as appropriate".
The company has been warning for some months it is running out of cash and has already placed a number of its businesses in administration. It confirmed it had closed down its Korean business in July.
In August, the Chancellor of the Duchy of Lancaster blocked the proposed sale of Versarien assets to a Chinese joint-venture on security grounds.
The decision was made on the basis of maintaining the security of know‐how and intellectual property relating to the production and use of graphene with dual‐use applications.
