Vertu, Phone-Maker To the Rich, Says It’s Broke

A British-based luxury phone maker which made its name selling $50,000 smartphones decked out in alligator leather and titanium and fitted with sapphire screens, has applied to the courts to be placed in administration after running of out money to pay staff and suppliers, reports British outlet The Times. In a witness statement filed in the High Court in London yesterday, the report adds, the company’s last remaining director Jean-Charles Charki, said that Vertu was insolvent and unable to meet its June 30 payroll obligations of about 500,000 euros. From an earlier report: According to a juicy new report in the Telegraph, employees are worried about the future of the company after noticing that production had been running at reduced capacity. Employees are apparently worried about their unpaid wages, as well as pension contributions taken out of their paychecks without being added into the company’s retirement fund. Sources inside the company also told the Telegraph that Vertu has unpaid debts with suppliers such as Qualcomm and Microsoft, and bills from waste management, pest control, and other property services.

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