Manufacturer of luxury phones Vertu declared bankrupt

Manufacturer of luxury phones Vertu declared bankrupt

Famous brand Vertu, which produces luxury mobile phones and smartphones, announced itself bankrupt. The company was unable to settle with creditors, the debt which equates to £138 million Production factory is already closed and about 200 employees will lose their jobs. The news was unexpected, especially after just recently became aware of the signing of the agreement between Vertu and Chinese giant TCL about sharing technologies.

As they say in the Financial Times, the owner of the company Murat Hakan Uzan was really trying to organize the work of the company, but all his attempts failed. Reliable sources claim that Uzan would like to save the Vertu brand along with its technology and licenses and will try again to revive the production of luxury smartphones.

Vertu was founded in 1998 as a division of Nokia. She was involved in the production status of mobile phones, which were made of expensive materials, but had mediocre specifications. The cost of their products was in the thousands of dollars per unit. In 2002, the band released the first Vertu model.

Five years ago, during a major reorganisation of the company by Nokia, Vertu was sold for €200 million European investment company EQT VI. Then in the year 2015, the company acquired a Chinese investment Fund Holdings Godin, without disclosing the amount of the transaction. This year, Vertu was owned by the Turkish businessman Hakan Uzana, which purchase the company at a cost of $61 million

READ  Made in China #70: another win for robot over the human, an antidote to WannaCry and other news

Leave a Reply

Your email address will not be published.

four × 5 =