VERTU
Well, Vertu is a British manufacturer and retailer of luxury, handmade mobile phones established by Finnish mobile-phone manufacturer Nokia in 1998. In October 2012 Nokia sold Vertu to private equity group EQT VI.
According to the Daily Telegraph, the company that makes wildly overpriced phones for rich people was recently sold to Baferton Ltd., which is an investment firm owned Hakan Uzan, the son of what was once one of Turkey’s most powerful families, for $61 million. Baferton is Vertu’s third owner since Nokia sold it in 2012. Vertu’s value has fallen since then—it was sold for $250 million a Swedish investment firm in 2012 and then to a Chinese investor, Godin Holding, in late 2015.
Well this company has always run into losses still it is favored by the riches that's why at the time of bankruptcy people come to it's rescue. The company makes highly expensive phones with older and outdated versions of operating systems.
According to the Daily Telegraph, the company that makes wildly overpriced phones for rich people was recently sold to Baferton Ltd., which is an investment firm owned Hakan Uzan, the son of what was once one of Turkey’s most powerful families, for $61 million. Baferton is Vertu’s third owner since Nokia sold it in 2012. Vertu’s value has fallen since then—it was sold for $250 million a Swedish investment firm in 2012 and then to a Chinese investor, Godin Holding, in late 2015.
Well this company has always run into losses still it is favored by the riches that's why at the time of bankruptcy people come to it's rescue. The company makes highly expensive phones with older and outdated versions of operating systems.
More about Baferton Ltd and Hakan Uzan:
In the 1990s the Uzan family borrowed money from Nokia and Motorola to help set up a mobile operator, Telsim, which went onto form the basis of Vodafone’s Turkish business.TELSIM hit financial trouble in the dotcom crash and defaulted on the loans, triggering claims that the family had siphoned off cash to pay for private jets and international properties. Their battle with Nokia was part of a spectacular fall from power for the dynasty. The Uzan family once owned a bank, a broadcaster and a mobile operator, among dozens of companies, before falling foul of authorities in 2003.Their assets were seized over fraud allegations and the family went into exile. Hakan Uzan’s brother Cem is a political opponent of Turkey’s President Erdogan. Their sudden financial problems also meant the brothers faced a court attack from Donald Trump as they backed out of buying apartments in Trump Tower.The Uzans received political asylum in France but their precise whereabouts are unknown.
So the ironical part is that both the brand Vertu and it's owner have similar connections with the brand NOKIA and both of them have been bankrupted. So the exiled business house wants to restore it's pride via defeated horse called the Vertu.
Gordon Watson, Vertu’s chief executive, said: “Baferton shares our vision: 1.5 billion smartphones are sold each year and there is demand for a high-quality, exclusive product with associated services. Working with Baferton we’ll be equipped to develop the Vertu business, the brand and the service.”
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