Alistair McAlinden and Geoff Jacobs from Interpath were appointed joint administrators on 27 August 2025, after M Squared Lasers failed with a total creditor deficiency of £64 million.

The company’s failure is expected to result in the Scottish National Investment Bank (SNIB) losing its entire £34m investment. M Squared Lasers was the first company the SNIB backed in 2020. Santander UK, another secured creditor, is also expected to lose £14m. An administrators’ report indicated that neither secured creditor is anticipated to receive any return, The Herald reports.

The new owner, Novacene Photonics, was incorporated on 4 September by Nils Hempler, the former chief operating officer of M Squared. Graeme Malcolm, M Squared’s co-founder and former chief executive, was appointed a director of Novacene on 4 November.

Mr Jacobs, joint administrator and managing director at Interpath, said: “Following a wide-ranging post-appointment marketing exercise, we are pleased to have secured a sale of M Squared’s intellectual property and certain other assets to Novacene Photonics Limited.

“The company’s intellectual property assets in particular attracted interest from a variety of parties. We wish Novacene well for the future and hope to see the business develop and potentially provide future opportunities for the former customers and suppliers of M Squared.”

Geoff Jacobs, joint administrator, said he was “pleased to have secured a sale” and noted that the IP assets “attracted interest from a variety of parties”.

A spokesperson for Novacene Photonics stated the company “looks forward to building upon M Squared’s pioneering legacy in photonics.”