M Squared Lasers collapses into administration – Daily Business

M Squared Lasers, a photonics and quantum technology company, has called in administrators as a fall in orders put pressure on its cash flow.

Headquartered in Glasgow, the company was established in 2006 and its expertise was supplied to a wide range of customers across the UK, Europe, the US and Asia.

External factors, including the pandemic, material supplies, and the conflict in Ukraine, have had a detrimental impact on the company’s trading activities.

The directors failed to find funding options and owing to a lack of cash to meet its financial obligations, the board concluded it had no option but to appoint administrators.

M Squared has ceased to trade and 28 members of staff were made redundant. The administrators, Alistair McAlinden and Geoff Jacobs at Interpath, are seeking a sale of the business and its assets.

Mr Jacobs, managing director at Interpath, said: “M Squared is a groundbreaking and award-winning technology business, which has served scientists, universities and a wide-range of private sector customers for 20-years. 

“Amongst other significant and innovative achievements, the company has created a laser platform which is scalable, compact and robust, and which is contributing to studies in quantum technologies around the world. 

“We are now rapidly exploring options to sell the business and its prized assets, including the company’s highly specialised intellectual property, and encourage any interested parties to contact us quickly.”

Mr McAlinden, head of Interpath in Scotland, added: “We have mobilised our specialist employee team to ensure that all possible support is provided to the company’s employees in submitting their claims to the Redundancy Payments Service.

“We are also working closely with Skills Development Scotland and their PACE team who are also mobilising to assist employees.  We will liaise with the many stakeholders that have been impacted by the insolvency of M Squared over the coming days.”