The UK based company that builds super-expensive smartphones is set to be shut down this year.
Vertu was popularly known for its jewel-encrusted handsets but have been experiencing financial setbacks in the last few months.
The company’s cut will lead to loss of roughly 200 jobs
One technology analyst expert said, “Vertu would have experienced competition from firms offering to design other smartphones with expensive luxury items.”
When approached by the reporters, an outside representative for the company had this to say: “Well since the company is going down, I’m no longer paid by them.”
In March, its previous Chinese owner sold out the firm to a Turkish exile in France, Hakan Uzan.
The Daily Telegraph announces that he had agreed to pay £1.9m to get the firm out of administration, although it had an accounting loss of £128m.
Mr Uzan will still control the Vertu technology, licenses and brand
An analyst at IHS Technology, Ian Fogg said. “It is very unusual, they hand create the phone at incredibly fewer volumes and they were incredibly expensive.”
He expressed its opinion that few of Vertu’s new phones had applied synthetic sapphire on its screens, which is something Apple had considered for its iPhones but had to let it go because of a production problem.
Mr Fogg told a reporter “It is a difficult material to work with,” and “One functional advantage is that the smartphone screen is built in a manner that it will be very difficult to break.”
Mr Fogg also said that other businesses that propose to design client smartphones with old metals or stones offered back-ups.
Vertu was established by Nokia in 1998, but it was sold out in 2012, and the later on the next year Vertu swapped from using the Symbian technology from Nokia on its devices for a Google’s Android version.