Tue, 11 Nov 2025 | BUSINESS SALE
The assets and intellectual property of a Glasgow-based photonics and quantum technology business have been acquired after the company fell into administration earlier this year. The IP and other assets of M Squared Lasers have been acquired out of administration by Novacene Photonics Limited.
M Squared Lasers fell into administration in August 2025, with Alistair McAlinden and Geoff Jacobs appointed as joint administrators. The company, which supplied customers across the UK, Europe, Asia and the US, had suffered from a wide range of challenges over recent years, including COVID-19, the war in Ukraine and a slowdown in orders.
Following their appointment, the joint administrators announced they were seeking a buyer for the company’s assets, including a suite of “highly specialised” intellectual property, work-in-progress, stock and customer relationships.
According to the joint administrators, several offers were received, with Novacene ultimately granted preferred bidder status. The sale was said to represent the best available outcome for the process.
Joint administrator Geoff Jacobs commented: “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.”
A spokesperson for Novacene said: “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.”
In M Squared Lasers’ most recent accounts, for the year to February 28 2023, its fixed assets were valued at £11.3 million and current assets at £15.5 million, with net assets standing at £4.8 million.
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