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Hakan Uzan buys Vertu

Vertu luxury brand acquired by Turkish businessman Hakan Uzan
Vertu store
Baferton Ltd, a Cyprus-registered company that was funded by controversial Turkish businessman Hakan Uzan, acquired Vertu from Godin Holdings, the Hong Kong-based company that previously owned the luxury brand, paying around £50,000,000 GBP.
Codrut Nistor,
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Vertu, the luxury handset brand that will celebrate its 20th anniversary next year, has just changed hands once again. Previously owned by Godin Holdings, a Hong Kong-based holding, the British manufacturer and retailer has been purchased by Hakan Uzan via a Cyprus-registered company known as Baferton Ltd.

According to the UK press, Hakan Uzan paid around £50 million (over $60,500,000 USD) for Vertu. The Uzan family is a controversial one, and Hakan Uzan was accused by Nokia of a massive fraud back in the early 2000s. He was sentenced in absence to 15 months in jail in 2002 after failing to attend a court hearing, but the sentence was later set aside on appeal.

Nokia established Vertu in 1998, selling it for around £175 million to private equity group EQT VI in October 2012 while retaining a 10 percent stake in the company. Godin Holdings acquired EQT's share in Vertu in 2015. The most recent filing shows a loss of £53 million on sales of £110 million and Godin Holdings has never filed accounts while in control of the brand.

Hakan Uzan told The Daily Telegraph that "Vertu is a powerful brand with an acknowledged market niche," also adding that he looks forward "to working with the team and providing the investment to enable Vertu to realize its full potential."

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Codrut Nistor
Codrut Nistor - Senior Tech Writer - 5461 articles published on Notebookcheck since 2013
In my early school days, I hated writing and having to make up stories. A decade later, I started to enjoy it. Since then, I published a few offline articles and then I moved to the online space, where I contributed to major websites that are still present online as of 2021 such as Softpedia, Brothersoft, Download3000, but I also wrote for multiple blogs that have disappeared over the years. I've been riding with the Notebookcheck crew since 2013 and I am not planning to leave it anytime soon. In love with good mechanical keyboards, vinyl and tape sound, but also smartphones, streaming services, and digital art.
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Codrut Nistor, 2017-03-14 (Update: 2017-03-14)