A troubled Gloucestershire engineering firm has filed a notice of intention to appoint administrators and has suspended trading shares on the alternative investment market (AIM).
The news was announced by Longhope-based Versarien on Monday (December 1) and follows months of financial difficulties for the business.
The company, which produces graphene for use in the aerospace, clothing and biomedical sectors, issued a statement to the stock market confirming its intention to appoint corporate insolvency specialist Leonard Curtis as administrators.
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It comes just days after the sale of the group's remaining assets and subsidiaries to an unnamed public company fell through.
Versarien said in its statement: "Whilst 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.
"The purpose of the notice of intention to appoint is to protect the company against any creditor enforcement action for a period of 10 working days and allow secured creditors, if they so wish, to appoint an alternative administrator."
Versarien said on Monday that Leonard Curtis would seek to "conclude a transaction" with interested parties which may mean the administration process is not necessary. But it added that if a deal is not agreed within the timeframe, the administration would proceed.
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Its shares stopped trading on AIM at 7.30am on Monday, while non-executive directors Sir Iain Gray, Diane Savory and Susan Bowen resigned with immediate effect.
Versarien 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.
That same month, the company appointed Leonard Curtis to sell off certain assets from the group's 海角视频 tech companies.
But in August, the Chancellor of the Duchy of Lancaster blocked the proposed sale of Versarien's assets to a Chinese joint-venture on security grounds.