Vertu's UK Division To Be Shut Down, Scrap 200 Jobs
14 July, 2017, 15:27 | Author: Oscar Goodwin
Following the confirmation earlier today that Vertu has been shut down due to financial debacles, the British luxury phone maker just announced that it has plans to relaunch the brand with new services in tow.
The ownership of this company has already changed hands multiple times.
Vertu made Luxury smartphone with a high price and entry level models starts at £11,000 and went up to £39,000. Its smartphones featured details like embedded rubies and sapphires, 18 carat gold, and alligator leather.
Notably, the concierge services for previous buyers are also being reportedly suspended. The reason for the bankruptcy is that Vertu has failed to cope with the competition of other companies who have offered an individual design of smartphones at much lower prices.
The firm's liquidation was confirmed by the BBC, which was told by an external spokesman for Vertu: "Well it's gone into liquidation and I'm not being paid by them anymore".
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.
Murat Hakan Uzan, who owns the Vertu brand separately, tried to buy the manufacturer out of administration in a deal valued at £1.9 million (SR9.21 million) against a deficit of £128 million, but was turned down by the company's creditors.
The BBC reported that the company - which sold phones costing well over R100,000 - will lay off nearly 200 employees as part of the liquidation process.
"They hand make the phone at incredibly low volumes and they were incredibly high-priced", Fogg said, noting that the use of synthetic sapphire and such unusual materials may also make the production process hard.
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