Vertu's UK Division To Be Shut Down, Scrap 200 Jobs

14 July, 2017, 15:27 | Author: Oscar Goodwin
  • Bulgaria Company for Luxury Smartphones Bankrupted

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.

Recommended:

  • Walker set for City medical

    Walker set for City medical

    The England global looks set to move north following City's failed pursuit of Dani Alves , who signed for PSG on Wednesday. The Citizens are expected to seal the deal on Friday after the two clubs agreed a fee of £50m plus add-ons.
    Modi meme lands comedians in trouble

    Modi meme lands comedians in trouble

    This time, the AIB posted an insulting picture of the Prime Minister on their social media handles. The cops in Mumbai said that the FIR was filed by their cyber cell after "due legal consultation".
    Afternoon Showers & Storms Continue Another Day

    Afternoon Showers & Storms Continue Another Day

    Temperatures cool down slightly for Sunday and into the beginning of next week, with highs mostly in the 80's to lower 90's. For now it looks like we'll start next week with highs in the upper 80s and some scattered showers and storms.
  • Rain, storms possible today

    Rain, storms possible today

    TUESDAY: Partly to mostly cloudy skies and isolated rain showers will be possible, with a high temperature of 87 degrees. The combination of hot temperatures and high humidity will make it feel like almost 100 degrees on Thursday .
    You can share High Resolution Pictures through WhatsApp now

    You can share High Resolution Pictures through WhatsApp now

    Instead of swiping to the left or right to pick up or reject a call the user will now have to swipe up to pick or reject calls. While using the in-app camera, the user can now swipe up to get a preview of all the photos and videos for easy uploads.
    US Media Irked as Trump Gives Question to China Reporter

    US Media Irked as Trump Gives Question to China Reporter

    The House, meanwhile, is mired in procedural stalemate with both parties - and chambers - blaming one another. Trump indicated he would not act on Russian sanctions until situations in Ukraine and Syria were resolved.
  • Celtic boss 'sad' fans to miss out on Linfield clash at Windsor

    Celtic boss 'sad' fans to miss out on Linfield clash at Windsor

    Celtic could face a trip to play Dundalk or Rosenborg in the third round qualifiers of the Champions League after the draw was made in Nyon on Friday.

    Er is zojuist een ijsberg van de Zuidpool afgescheurd

    Volgens de SCAR-wetenschappers zal de hele voedselketen van de regio veranderen, met winnaars en verliezers tot gevolg. Dat is een gebied dat groter is dan Noord- en Zuid-Holland samen (een oppervlak van 5.500 vierkante kilometer).
    Bonucci Milan, parla l'agente:

    Bonucci Milan, parla l'agente: "Lavoro alla cessione"

    In queste ore sono in corso i colloqui necessari tra l'entourage del difensore e le due dirigenze per cercare di accelerare il trasferimento.
  • Lady Trying To Take A Selfie Ruins Art Display

    Lady Trying To Take A Selfie Ruins Art Display

    The art is part of an exhibition called The 14th Factory - this is Hypercaine (The Reward ) before it was toppled over. But things got a whole lot worse for one lady who was at the Simon Birch's art installation in Los Angeles this week.
    President Buhari calls Chief Bisi Akande over wife's death

    President Buhari calls Chief Bisi Akande over wife's death

    Omisore, who was the former deputy to Akande said the death of the ex-first lady of Osun State came to him as a rude shock. However, the cause of her death has not been revealed by the family. "I receive the death of the wife of our leader, Mrs.
    I Will Be 'Very Angry' If Obamacare Isn't Repealed, Replaced

    I Will Be 'Very Angry' If Obamacare Isn't Repealed, Replaced

    Trump also told Robertson that while Putin "wants what's good for Russian Federation , I want what's good for the United States". That's because President Putin and President Trump made the deal, and it's held.


Popular

GLP sold to Chinese bidder for $16b
The deal is part of the logistics group's independent strategic review to look at options available to boost shareholder value. The deal will value the Singapore-listed firm at about 16 billion Singapore dollars (US$11.6 billion), excluding debt.

Domondon: The matter of martial law in Mindanao
The results showed that at least six out of ten Filipinos disagree with expanding martial law's coverage beyond Mindanao. But it will be different if martial law will be extended to other areas such as Visayas.

Trump meets French president in Paris
The Trumps and Macrons toured sites on Thursday, including a trip to Napoleon's tomb at Les Invalides . "We'll see what happens". He took a meeting with a Russian lawyer, not a government lawyer but a Russian lawyer.

Disney shares first look of new Star Wars Lands
Fans have already showed their appreciation and excitement for this new reveal on the official Star Wars Twitter page. The setting will be a previously unseen planet, a trading outpost just before "Wild Space", Disney says.

Sebastian Gorka to CNN's Anderson Cooper
For some odd reason, however, the president appears physically incapable of publicly condemning Russia's efforts. Apparently, this exactly the kind of of rapier wit that the president is looking for in his spokespeople.