Vertu began life as a British luxury phone maker who designed a smartphone that was designed for the heftiest of pockets, it was first founded by Nokia in 1998 as a luxury phone manufacturer that would focus on the phone’s design and customer service, rather than its specifications.
Today it was announced that Vertu wouldn’t have a long life as the luxury phone maker begins a process of liquidation.
According to reports from The Financial Times and The Telegraph, Murat Hakan Uzan the owner of the Vertu brand sought to buy the manufacturing arm of Vertu out of administration separately, offering the High Court a packaged deal payment of £1.9 million.
However, due to the scale of Vertu’s £128 million account deficit, the High Court declined that deal and Vertu has been forced to shut its business down.
Due to this closure, nearly 200 jobs will be lost across Vertu’s UK manufacturing operation.
However, the brand, technology, and design licenses will continue on with its former Chinese owner, Hakan Uzan, who may indeed bring the company back to life in the future. Until then, Vertu will remain a broken dream.
A spokesman for Vertu said the following about the news:
“Our best efforts to achieve a pre-pack administration have failed because the financial requirements specified within the negotiations went beyond the point where the new company had a chance of financial viability.”
“No other part of the group is affected by this development.”
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