Vertu manufacturing arm faces liquidation after rescue bid fails
[FONT=&]Vertu targets the super-rich[/FONT]Christopher Williams, chief business correspondent[FONT=&]
[/FONT]11 JULY 2017
6:31PM
[/FONT]Vertu Corporation Limited (VCL) made handsets for the super-rich, with handsets clad in titanium and sapphire glass starting at around £10,000 and going up to as much as £280,000 for bespoke, jewel-encrusted devices.
Its owner Murat Hakan Uzan, a Turkish exile based in Paris who owns the Vertu brand separately, had sought to buy the company out of administration in a pre-packaged deal.
The plan floundered in the High Court today amid concerns over the scale of its £128m accounting deficit compared with the £1.9m price Mr Uzan intended to pay.
A spokesman for Vertu said: “Our best efforts to achieve a pre-pack administration have failed because the financial requirements specified within the negotiations went beyond the point where the new company had a chance of financial viability.
“No other part of the group is affected by this development.”
[/FONT]11 JULY 2017
6:31PM
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[/FONT][/FONT]
[FONT=&][FONT=&]T[/FONT]he manufacturing arm of the British luxury smartphone maker Vertu will be liquidated with the loss of nearly 200 jobs after a rescue plan failed. [/FONT][/FONT]
[/FONT]Vertu Corporation Limited (VCL) made handsets for the super-rich, with handsets clad in titanium and sapphire glass starting at around £10,000 and going up to as much as £280,000 for bespoke, jewel-encrusted devices.
Its owner Murat Hakan Uzan, a Turkish exile based in Paris who owns the Vertu brand separately, had sought to buy the company out of administration in a pre-packaged deal.
The plan floundered in the High Court today amid concerns over the scale of its £128m accounting deficit compared with the £1.9m price Mr Uzan intended to pay.
A spokesman for Vertu said: “Our best efforts to achieve a pre-pack administration have failed because the financial requirements specified within the negotiations went beyond the point where the new company had a chance of financial viability.
“No other part of the group is affected by this development.”
