The luxury smartphone maker Vertu, based in the UK, is in liquidation after its rescue plan failed, BBC reported on Thursday.

Closing the company will result in the loss of 200 jobs. The reason for the bankruptcy is that Vertu has failed to cope with the competition of other companies who have offered an individual design of smartphones at much lower prices. Vertu's products started at £ 11,000 and reached £ 39,100 if the smartphone was made of 18-carat gold.

In March of this year, the Chinese owner sold the company to Hakan Uzan, a Turkish businessman living in Paris. He has planned to invest 1.9 million pounds in the company's rescue, but after the purchase he found that he had accumulated losses of 128 million.

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