British luxury phone manufacturer is closing its operations. The owner failed to keep up the company’s operations due to insolvency after offering to pay creditors just £1.9 million ($2.4 million) of the firm’s £128 million debt. According to reports from The Financial Times and The Telegraph, Vertu manufacturing operations will shut down in the UK, leading to the loss of around 200 jobs.

Exiled businessman Murat Hakan Uzan, once a renowned businessman in his home country of Turkey, is now living in Paris. He bought the company in March, after it had been sold and re-sold a number of times, and will continue to have the ownership of the brand, technology, and its design licenses. As reported by the FT, a person, who is well-known to Uzan’s future plans, reveals that Uzan plans to restore the company in future.

Vertu’s UK operations were operated by a team of experienced professionals, who assemble Vertu handsets using exquisite materials like ostrich leather, precious metals, and jewels. The manufactured were technologically old but distinctively big-budget, with some handsets under a price tag of around $30,000.

Vertu was established by Finnish mobile-phone manufacturer Nokia in 1998. In October 2012 Nokia sold Vertu to private equity group EQT. The shares of the company were resold in 2015 by EQT to Godin Holdings, a Hong Kong-based holding company. The purchase of Vertu by Hazan in 2016 might be the last time the company is changing hands. 

 

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