Acquisition of Total Carbide Provides Group with Manufacturing Facility

It is an amazing story which saw founders Neill (corr) Ricketts (corr) and Will Battrick (corr) leave successful executive positions in a leap of faith to found the Forest of Dean-based advanced materials firm, which now employs more than 50 staff.

Yesterday’s interim statement also outlined operating losses of £190,000, but that cannot detract from the excitement the management feel for their business, a confidence underlined by "best recognised" fund manager Henderson Global taking a 10.31 per cent stake in Versarien.

What its results underline is a company which sees "significant growth" ahead and an ability to deliver "a substantial return on investment".

Key to the success of the porous metals specialist has been the acquisition of the business Total Carbide, a manufacturer of tungsten carbide machine parts for a number of key industries.

Mr Ricketts, chief executive officer of Cinderford-based Versarien, said: "Since our successful flotation on AIM (Alternative Investment Market) and the acquisition of Total Carbide, the group has made excellent progress.

"The board remains optimistic that the applications of the technologies that the group is developing will, in time, deliver a substantial return on investment for Versarien’s shareholders.

"The acquisition of Total Carbide provides the group with a manufacturing facility for its porous copper products whilst at the same time being capable of underwriting the cost of developing that business.

"The board views the future with optimism."

Its customers are many from various sectors across the UK and many export abroad, giving Versarien a global reach. But importantly many of its customers are also closer to home.

"Some of our customers are in Gloucestershire. One of the biggest companies we have relationships with is Renishaw," said Mr Ricketts.

Wotton-under-Edge-based engineering success story Renishaw exports more than 80 per cent of its products worldwide.

"But we also have substantial interest from the South West. We are starting to have conversations with a large Bristol-based company. There is a previous relationship there which means hopefully we are pushing on an open door."


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