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<\/a><\/p>\nThese and other macro factors have had a \u2018detrimental impact\u2019 on M Squared\u2019s trading, due to a scarcity of key components, tightening of the market for skilled staff and reduced orders from key customers, resulting in a constrained cash position.<\/p>\n
\u201cWe have mobilised our specialist employee team to ensure that all possible support is provided to the Company\u2019s employees in submitting their claims to the Redundancy Payments Service,\u201d said<\/a> McAlinden.<\/p>\n \u201cWe are also working closely with Skills Development Scotland and their PACE team who are also mobilising to assist employees.\u00a0 We will liaise with the many stakeholders that have been impacted by the insolvency of M Squared over the coming days.\u201d<\/p>\n Despite ceasing to trade, the administrators said they are exploring options to sell the business and assets, which include a suite of intellectual property assets, a core customer base, some work-in-progress and stock.<\/p>\n The news comes as a heavy blow to the Scottish National Investment Bank, with M Squared being the very first business the development bank backed upon opening in 2020.<\/p>\n SNIB\u2019s initial investment of \u00a312.5 million was hailed<\/a> by then First Minister Nicola Sturgeon, who said the laser firm was an example of a growing Scottish company \u2018key to our economic recovery and future prosperity\u2019.\u00a0<\/p>\n Since then, the SNIB\u2019s investment in M Squared has grown considerably, resulting in an exposure of around \u00a334 million.<\/p>\n