Luxury smartphone maker Vertu to close down

Media playback is unsupported on your device                  Media captionWATCH Luxury phone-maker Vertu collapses

This shouldn't come as any surprise, but following reports of trouble last month, it's today been confirmed that luxury Android smartphone maker Vertu is closing up shop, leaving the world's richest smartphone buyers to look elsewhere. However, his bid was reportedly rejected by the UK High Court earlier this week after Uzan offered to pay just £1.9 million ($2.46 million) for the company with the aforementioned deficit.

Vertu, the luxury phone brand, has been in a debt of £128 million. While 200 employees are being laid off due to this shutdown, Uzan has been said to be planning to make comeback later this year. Both the parties threatened on filing legal case on each other.

Around 200 jobs will be lost during the liquidation and the company now has debts of around £128 million. Vertu has been sold several times in past.

Uzan acquired Vertu for £50 million in March of this year, becoming the company's third owner in a matter of years after it had previously been sold to a Hong Kong-based investment fund for a reported £450m price tag. 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.

Even though manufacturing is being shut down, Uzan is going to retain ownership of Vertu's brand, design licenses, and technology. Vertu allowed customers to speak to the people who have built their phone.

The company's smartphones included a 24-hour concierge service that could be accessed via a dedicated button on its phones. The company, founded by Nokia in 1998, was supposed to be a luxury phone provider to the stars and, to a degree, it delivered. Godin Holdings of China purchased it from that firm in 2015.

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