Company for Luxury Smartphones Bankrupted

Vertu manufacturing arm faces liquidation after rescue bid fails

Vertu manufacturing arm faces liquidation after rescue bid fails

Vertu, the luxury phone brand, has been in a debt of £128 million. This has resulted in the shutting down of the United Kingdom manufacturing wing, leading to laying off of around 200 employees. On the side, Uzan wanted to resurrect Vertu by investing £1.9 million ($2.46 million) on it.

Vertu's £128million ($165 million) of debt meant it could not pay staff or its bills, and last week the Mail revealed around £500,000 ($645,000) was allegedly missing from its pension fund. Ouch! Both sides threatened to sue each other and the fate of about 200 workers was hanging in the balance. As a result, all its manufacturing operations shut down and 200 jobs lost.

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Ultimately, Vertu could only sell phones to those for whom phones didn't matter. The Financial Times reported that he is retaining the brand, the technology and design licenses and plans to rebuild the phone maker. Uzan's possible follow-up to Vertu may not be as high-end as the original venture was, especially if the businessman is interested in reducing it operating costs in an attempt to make the company more sustainable. The phones manufactured by the company did not feature latest hardware, but because of the precious items that were used to designed, these phones carried exorbitant pricing as high as $10,000 for the Vertu Constellation smartphone that had released in January this year. Some Vertu models boasted state of the art technology, superior craftsmanship and materials, as well as bespoke services - including a concierge service which provided 24-hour worldwide assistance to users.

Vertu was founded by Nokia in 1998, but it was sold in 2012, and the following year Vertu switched from using Nokia's Symbian operating system on its devices to Google's Android. Godin Holdings of China purchased it from that firm in 2015. However, the future of the company seems bleak after the recent layoffs.

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