Headquartered in Glasgow, M Squared was established in 2006 as a photonics and quantum technology company, with its award-winning products and cutting-edge expertise being supplied to a wide range of customers across the UK, Europe, the USA and Asia.

Over recent years, macro factors – most notably, the aftermath of the Covid-19 pandemic and the conflict in Ukraine – have had a detrimental impact on the company’s trading activities, with scarcity of key components, tightening of the market for skilled staff and reduced orders from certain customers all contributing to the company’s depressed financial performance and increasingly constrained cash position.

Amidst these challenges, the company and its directors undertook extensive efforts to explore alternative funding options in order that a projected business turnaround could be achieved. However, with these efforts proving unsuccessful, and owing to a lack of cash to meet its financial obligations, the company’s board concluded it had no option but to seek the appointment of administrators.

Upon appointment, M Squared ceased to trade and, regrettably, 28 members of staff were made redundant. Despite ceasing to trade, the Joint Administrators are rapidly exploring options to sell the business and assets, which include a suite of intellectual property assets, customer base, work-in-progress and stock, whilst also supporting employees with the redundancy claims process.

Geoff Jacobs, managing director at Interpath and joint administrator of M Squared Lasers Limited, 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.”

Alistair McAlinden, head of Interpath in Scotland and joint administrator of M Squared Lasers Limited, 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.”