Luxury smartphone maker Vertu to close down

DUBAI: Vertu, the British maker of luxury Android smartphones, is closing its manufacturing operations in the UK after a failed buyout bid.
Nearly 200 jobs would be affected by the company’s liquidation.
Murat Hakan Uzan, who owns the Vertu brand separately, tried to buy the manufacturer out of administration in a deal valued at £1.9 million (SR9.21 million) against a deficit of £128 million, but was turned down by the company’s creditors.
The Turkish businessman said he would retain the brand, the technology and design licenses and planned to rebuild the phone maker.
Uzan purchased Vertu only in March and two months later signed a $40 million deal with TCL, the manufacturer of Alcatel and BlackBerry devices, to supply the luxury handset maker with new technology for about 30,000 units.
Vertu smartphones are considered only for the super rich, with prices for some top-of-the-range jewel-encrusted bespoke models reportedly selling for more than $360,000.
Vertu’s latest device, the Constellation, was released in February with a starting price of $6,000.