The intellectual property and other assets of M Squared Lasers have been acquired out of administration.
The Glasgow-based photonics and quantum technology business fell into administration at the end of August after nearly two decades in business.
Joint administrators Alistair McAlinden and Geoff Jacobs from Interpath confirmed to BusinessCloud that they have completed a sale to Novacene Photonics Limited.
Several offers were received by the administrators and preferred bidder status was granted to Novacene. The transaction represents the best outcome available for the administration, the administrators 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,” said Jacobs.
“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.”
M Squared was founded in 2006 and built an international reputation for its award-winning laser platforms and quantum technologies, supplying customers across the UK, Europe, the US and Asia.
Its products have been used by scientists, universities and commercial partners to advance research in fields from fundamental physics to life sciences.
Serial entrepreneur Graeme Malcolm OBE (pictured) has led the company since its inception and it reached heights which included a spot on Deloitte’s Fast 50 in 2013.
However, the business has been hit hard in recent years by global headwinds, with the aftermath of the pandemic and the war in Ukraine causing severe disruption to supply chains and component availability.
Tight competition for skilled staff and a slowdown in orders from some key customers added to the company’s woes, leaving it in a critical financial position.
Despite efforts by the board to secure fresh investment and turn the business around, attempts to find funding proved unsuccessful. It ceased trading, with 28 employees made redundant.
BusinessCloud has asked the administrators to confirm if any of the former staff will be employed again following the Novacene deal.
A spokesperson for Novacene commented: “Novacene Photonics is pleased to announce the purchase of intellectual property and certain assets from M Squared Lasers, and looks forward to building upon M Squared’s pioneering legacy in photonics.”