M Squared Lasers Enters Administration, Lays off Workforce
M Squared Lasers, a Glasgow, Scotland-based photonics and quantum technology developer, has ceased trading and entered administration after nearly 20 years in business. Alistair McAlinden and Geoff Jacobs, managing directors at Interpath, were appointed as joint administrators of M Squared Lasers on Wednesday.
Following the appointment, M Squared ceased trading and laid off 28 members of staff. The joint administrators are exploring options to sell the business and assets, which include a suite of intellectual property assets, customer base, work-in-progress, and stock, while also supporting with redundancy claims processes.
“We have mobilized 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," McAlinden said. "We are also working closely with Skills Development Scotland and their PACE team who are also mobilizing to assist employees. We will liaise with the many stakeholders that have been impacted by the insolvency of M Squared over the coming days.”
M Squared cited difficulties stemming from the COVID-19 and the conflict in Ukraine as detriments to the company’s trading activities, with scarcity of key components, tightening of the market for skilled staff, and reduced orders from certain customers as contributors to the company’s depressed financial performance and increasingly constrained cash position.
Within these challenges, the company unsuccessfully sought alternative funding options to enable a business turnaround. Without the cash to meet financial obligations, the board ultimately decided to seek the appointment of administrators.
M Squared was founded in 2006 by Graeme Malcom OBE and Gareth Maker to develop novel laser-based solutions for research. The company created the SolsTiS laser platform, an ultra-narrow linewidth continuous wave Ti:Sapphire laser, which garnered the company with The Queen's Award for Enterprise in Innovation, and an IOP Innovation Award.
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