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Author Vertu shuts down unable to pay its bills
Tsepz_GP
Samsung Galaxy Note II
Joined: Dec 27, 2006
Posts: > 500
From: Johannesburg, South Africa
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Posted: 2017-07-13 13:50
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This is quite sad, I know many years ago here at Esato we had a few members who were lucky enough to own some of these luxurious devices.
Super-luxury phone maker Vertu shuts down unable to pay its bills


A couple of weeks ago, controversy stirred around UK-based luxury smartphone maker Vertu and its transfer of ownership. Its old owner — Hong Kong hedge fund manager Gary Chen — claimed that he still hasn't received the £50 million ($61 million) he was supposed to get for selling the company to businessman Hakan Uzan back in March. The latter, on the other hand, claimed that his plans to invest £1.9 million ($2.46 million) in the business and get it back on its feet crumbled when he found out that Vertu has £128 million ($165.5 million) in unpaid bills, salaries, and debts. Ouch! Both sides threatened to sue each other and the fate of about 200 workers was hanging in the balance.

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yuunanase
Sony Xperia Z3
Joined: Sep 30, 2006
Posts: 221
From: utopia
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Posted: 2017-07-14 01:11
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Pity, this is the only brand I found appealing after Sony.
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tranced
LG Nexus 4
Joined: Jan 19, 2006
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From: Santo Domingo, wonDeRland
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Posted: 2017-07-14 17:26
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Wow. Never saw it coming.
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Supa_Fly
Sony Xperia Z5
Joined: Apr 16, 2002
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From: Toronto, Ontario
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Posted: 2017-07-18 16:10
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VERY sad news indeed!

Poor financial management and investment. So who actually took the business from Nokia originally?!

Fun Fact: 50 Shades Darker main character features using a Vertu Android phone.

Wonder what the best Android phone they have made and is it worth buying at rock bottom pricing?!
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Ranjith
Sony Xperia Z1
Joined: Dec 07, 2004
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From: Saudi Arabia/India,Cochin
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Posted: 2017-07-19 08:49
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How did they survive for so long? People use to actually buy them??
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genes1983
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Joined: Jul 19, 2017
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Posted: 2017-07-19 09:12
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That's really a sad story, poor financial management may be the key issue behind. Luxury competition seems not that extent in mobile phones, management should rethink to know where actually deviations went.
Tsepz_GP
Samsung Galaxy Note II
Joined: Dec 27, 2006
Posts: > 500
From: Johannesburg, South Africa
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Posted: 2017-08-11 05:10
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Vertu auctioning off ‘leftover’ phones, starting at $26,000

http://www.androidauthority.c[....]ng-off-leftover-phones-792957/
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