Ian Balchin has resigned as a director and non-executive chairman of Versarien, the Cheltenham-based advanced engineering materials group.

Mr Balchin will step down on June 29 in order to be able to devote more time to his other business interests.

Neill Ricketts, CEO of Versarien, said: "We are grateful to Ian for his support and advice over the past four years during which time the company has grown from a single product, pre-revenue company, with a few employees, to a group employing almost 100 staff with both mature and embryonic technologies.

"Following the recent fundraise and progress made in our graphene operations we are excited about the future prospects for the group and are grateful for the ongoing support of our shareholders."

Ian Balchin said: "I have enjoyed working with the company over the past four years through early fundraising rounds, the IPO and as the company transitioned from its original model focused on one technology to a mature business with particularly exciting prospects in the graphene arena. I wish all involved the very best for the future."

Versarien has five subsidiaries operating under two divisions, Thermal and Hard Wear Products and Graphene and Plastics.