Versarien completes sale of South Korean factory for more than £600k

Gloucestershire-based engineering firm Versarien has completed the sale of its South Korean factory and equipment for more than £600,000.

The agreement with MCK Tech was announced last March as part of a strategy to monetise intellectual property (IP) through licensing. The transaction was meant to complete last July, but was delayed after MCK Tech asked for an extension to the deadline.

Longhope-based Versarien has now received the final payment of £92,000, plus accrued interest, it announced on Monday (March 3). In total, Versarien has received £611,000 after a £6,000 warranty deduction from MCK Tech for its Korean plant and equipment.

Under the terms of the deal, AIM-listed Versarien has granted an exclusive licence to MCK Tech for an initial period of five years, to use five patents owned by the firm in their business in Korea.

MCK Tech will pay Versarien an amount