The firm’s products included Cementene – a concrete admixture hailed as the “future of construction” which boosts strength and cuts carbon.

Versarien has trialled its products on HS2 and signed a deal with Balfour Beatty to work on new products.

Andrew Knowles and Andrew Poxon from Leonard Curtis have now been appointed Joint Administrators of the AIM listed firm.

The company had been making losses for several years and had been exploring a potential sale for months.

Knowles said: “We are disappointed that a solvent sale of the business did not take place, despite reaching out to both industry and non-industry specific parties.

“However, we are currently in negotiations with several parties who are looking to acquire the business and assets from the administrators.”