Unable to pay £128 million of debt, Vertu phone company was force to stop production.
The owner of the UK super phone Vertu failed to negotiate with creditors, offering to pay £1.9m (about $2.4) for the £128 million.
According to a report from The Financial Times and The Telegraph, Vertu will be forced to close its manufacturing plant in the UK, and more than 200 employees will lose their jobs.
Entrepreneur Murat Hakan Uzan, who lives in France, acquired Vertu in March, will retain his right to own trademark, technology and design license. However, according to a report from Then Financial Time, the Turkish businessman is still planning to revive Vertu in the future.
However, if Vertu is revived, the elements that make up this super brand phone might not be maintained. For example, skilled craftsmen or super precious materials making phone that cost more than $ 30.000.
Vertu began operations in 1998, initially as part of Nokia’s world-famous handset maker. Then, Nokia resold Vertu to private equity firm EQT. 2015, Vertu was sold to a Chinese company GodinHolding.
Murat Hakan Uzan acquired Vertu in 2016, and this was probably the last deal. It is a pity for a brand name phone that everyone just desire to have.