The owner of British luxury phone maker Vertu was unable to save the company from bankruptcy. The firm’s £128 million debt could not be covered by £1.9 million offered by its current owner Murat Hakan Uzan. Uzan bought the company in March, after it had been sold and re-sold by a number of investment companies with a hope to get the production up and running. As we may see, he did not succeed in this. Expectedly nearly 200 jobs at the manufacturing facility of Vertu in Hampshire will be lost as a result of the company’s liquidation. Сoncierge service, which gave Vertu phone owners 24-hour support was also suspended. According to the information on the website of the company, now it is focused “on developing completely new next generation suite of services, exclusively for our customers”. The new services are planned to be launched from September 2017.
Uzan will retain ownership of Vertu’s brand, technology, and design licenses because he intends to resurrect the company in the future.
Vertu established in 1998 was originally part of Finnish phone giant Nokia. It was sold in 2012 to private equity company EQT and three years later to Chinese company Godin Holdings. Hazan’s purchase of the firm in 2016 looks like it might be the last time the Vertu brand was acquired.