Vertu that sold $14,000 smartphones has reportedly collapsed

According to multiple media reports, the manufacturing arm of a British luxury smartphone maker is to be wound down after a failed buyout bid in the UK High Court.

Murat Hakan Uzan, who owns the Vertu brand, sought to buy the manufacturer in a pre-packaged deal that failed last week, according to the UK’s Telegraph newspaper. Vertu’s phones started at around £11,100 ($14,390) and a top-of-the-range jewel-encrusted bespoke model could reportedly sell for £280,000.

Vertu Corporation Limited (VCL) made products that came with hefty price tags. Some Vertu models boasted state of the art technology, superior craftsmanship and materials, as well as bespoke services – including a concierge service which provided 24-hour worldwide assistance to users.

The Financial Times newspaper reported that Murat Hakan Uzan is retaining the brand, the technology and design licenses and plans to rebuild the phone maker.

A spokesman of the company told the Telegraph:

“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.” Adding “No other part of the group is affected by this development.”