Gloucestershire manufacturer presses ahead with turnaround plan

Bosses at troubled company Versarien say they are pushing ahead with their turnaround plan

The Gloucestershire manufacturer has been struggling for survival and is looking to sell off parts of its business.

A statement on the current situation has been published ahead of the firm’s annual general meeting.

The company said the turnaround continues to progress in line with its stated strategy. 

The mature businesses and the intellectual property and plant acquired from Hanwha Aerospace in 2020 continue to be marketed for sale and there are a number of interested parties.

The sale process for AAC Cyroma Limited, a manufacturer of moulded products, is the most advanced.

However, the timing of any asset sales and the total amount of the funds that may be received remains uncertain.

Further commercial progress continues to be made in the company’s core areas of leisure and construction.

In the leisure area, discussions have been held with a number of potential new customers for the company’s Graphene-Wear coatings in recent weeks.

In construction, in addition to a number of ongoing Cementene trials, the company is engaged in the production of additional 3D printed concrete structures and Versarien’s participation in the Digital Roads of the Future and Roads Research Alliance programmes is generating further potential opportunities, including the potential use of graphene in asphalt resurfacing.

The company said it continues to focus on obtaining and executing funded research and development projects.

The statement said: “We are pleased with the increasing level of commercial engagement in both of the company’s core areas of leisure and construction.

“The company’s strategy, which is focused on a light manufacturing model, is progressing as planned and we look forward to updating shareholders on further progress in due course.”