Science

Vertu's United Kingdom manufacturing arm enters liquidation

Vertu's United Kingdom manufacturing arm enters liquidation

Vertu will be forced to liquidate its UK-based manufacturing arm after the luxury phone maker has failed to cover its £128m deficit, of which Vertu owner Murat Hakan Uzan meant to pay £1.9m.

Vertu is known for manufacturing top of the line jewel-coated phones.

Vertu was founded by Nokia in 1998 with the goal of building high-end devices for the rich and famous, such as the £10,700 "Vertu for Bentley" and the £14,300 Signature Touch Pure Jet Red Gold.

The jobs of almost 200 United Kingdom workers at the firm will be lost after an ambitious rescue plan by a Turkish millionaire failed to keep the company afloat.

Murat Hakan Uzan, who owns the Vertu brand separately, sought to buy the manufacturer out of administration in a pre-packaged deal but failed this week, according to the U.K.'s Telegraph newspaper. Vertu will soon be liquidated for all it's worth and the concept of an ultra-luxury smartphone will likely fade away with it. Vertu used leather, alligator and lizard skin, precious metals, titanium, and jewels, as well as synthetic sapphire for its screens.




It is not especially surprising that Vertu has been facing financial problems as it is hard to find customers who are ready to pay thousands of dollars but offer functionality that is equal to or even less than that offered by current flagship smartphones.

Vertu made Luxury smartphone with a high price and entry level models starts at £11,000 and went up to £39,000.

Despite the liquidation of its manufacturing division, Turkish exile Uzan will retain the Vertu brand, technology and licenses.

Ian Fogg, an analyst at IHS Technology, told BBC that, "It is very unusual, they hand make the phone at incredibly low volumes and they were incredibly high-priced".


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