A PIONEERING Glasgow-based laser company has fallen into administration, with all jobs lost.
M Squared Lasers announced on Wednesday morning that it had appointed administrators, with 28 members of its staff made redundant.
Established in 2006 as a photonics and quantum technology company, the firm exported its products and expertise to a range of customers across the UK, Europe, the US and Asia.
Alistair McAlinden and Geoff Jacobs, managing directors at Interpath, were appointed joint administrators to M Squared Lasers.
According to the administrators from Interpath, M Squared Lasers faced challenges over recent years, most notably the aftermath of the Covid-19 pandemic and the conflict in Ukraine, which they said had a detrimental impact on the company’s trading activities.
Key components becoming scarce, the tightening of the market for skilled staff and reduced orders from certain customers were also contributing factors to the businesses decision to cease trading.
Geoff Jacobs, managing director at Interpath and joint administrator, 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.”
