Interpath appointed as administrator to M Squared Lasers

Interpath Advisory has been appointed as administrator to M Squared Lasers, the Glasgow-based photonics and quantum technology firm, after the company collapsed amid financial pressures.

Alistair McAlinden and Geoff Jacobs, managing directors at Interpath, were named joint administrators yesterday (27 August). The company has ceased trading and 28 staff have been made redundant.

Founded in 2006, M Squared developed laser systems and quantum technologies for clients across the UK, Europe, the US and Asia. Administrators said the business had faced mounting challenges, including component shortages, labour market constraints and falling customer orders, exacerbated by the aftermath of the Covid-19 pandemic and the war in Ukraine.

The directors had explored options to secure new funding to support a turnaround, but were ultimately unable to continue trading.

Jacobs 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.”

McAlinden 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.”

The administrators are marketing the business for sale, including its intellectual property, customer base, work-in-progress and stock.