Nokia-founded luxury phone maker Vertu shuts down manufacturing arm

Vertu manufacturing arm faces liquidation after rescue bid fails

The phones manufactured by the company did not feature latest hardware, but because of the precious items that were used to designed, these phones carried exorbitant pricing as high as $10,000 for the Vertu Constellation smartphone that had released in January this year.

Uzan meant to pay £1.9 million for the brand to come out of administration, but with the company running with so much debt on the books, failure seemed inescapable without serious investment.

Recent troubles at Vertu began with the takeover by Turkish exile and businessman Hakan Uzan, who promised to rescue the company from bankruptcy.

It is not especially surprising that Vertu has been facing financial problems as it is hard to find customers who are ready to pay thousands of dollars but offer functionality that is equal to or even less than that offered by current flagship smartphones. Our own attempts to get in touch with Vertu's PR representatives have gone fruitless, as their emails have been inactive for the past few weeks.

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The company's liquidation will result in the loss of almost 200 jobs. They're lined with special kinds of leather, exquisite metals and plenty of jewels to rack up the prices, and earn the title of the most expensive phone brand.

The handsets were touted as being made from "only the most exquisite materials and cutting-edge technology".

A tech analysts told the BBC that Vertu likely went under due to competition from companies offering to customise other smartphones with precious materials.

Despite this, Uzan appears to be serious about bringing Vertu back as soon as possible. However, whether there are enough clients out there looking for ultra-luxury handsets to make such a business once again viable remains to be seen.

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