FOREST-based advanced engineering materials firm Versarien has appointed administrators to run the business.

The company develops graphene products from its premises on the Longhope Business Park for the aerospace, motor, clothing and biomedical industries.

Graphene is a layer of carbon one atom thick which has outstanding strength and thermal properties.

The company confirmed it had appointed Andrew Knowles and Andrew Poxon of Leonard Curtis as joint administrators of the parent company Versarien plc.

The administrators will continue to look to conclude a transaction for the sale of Versarien's remaining assets.

They comprise primarily its patents and trademarks, together with its shareholdings in Total Carbide Ltd and Gnanomat SL which continue to trade as solvent businesses.

It is not expected that the administration process will result in any returns to Versarien shareholders.

As a result of the appointment of administrators, SP Angel Corporate Finance LLP has resigned as nominated adviser and broker to the company with immediate effect.

The company's ordinary shares remain suspended from trading.

If a replacement nominated adviser is not appointed within a month, trading of the company's ordinary shares to trading on Alternative Investment Market will be cancelled.

Versarien began selling off assets in the summer.

It suffered a blow in August when the government blocked a joint venture with a Chinese firm.

The Chancellor of the Duchy of Lancaster refused permission on the grounds of national security.

The company was founded by Neil Ricketts in his garage in 2010.

He stepped down as the company’s chief executive in a boardroom reshuffle two years ago.

The company was previously regarded as one of the leading players in the UK graphene industry.

In 2018 the company raised £5.2 million from a share issue that created so much interest from investors it closed early.