British  luxury phone maker Vertu has gone into liquidation, resulting in the loss of nearly 200 jobs, it has been revealed.

Vertu, which was founded by Nokia in 1998 before being sold in 2012, is known for its handsets targeted toward those in the higher financial brackets – their phones being covered in gemstones, leather and precious metals, and retail prices starting at around £10,000. The company has struggled, not just because of the hefty price tag of its products, but because the high-end handsets lack many of the features that the considerably cheaper devices on the market have.

The firm’s liquidation was confirmed by the BBC, which was told by an external spokesman for Vertu: “Well it’s gone into liquidation and I’m not being paid by them anymore.”

The company’s owner Murat Hakan Uzan, who acquired the company in March, had been planning to pay £1.9m to bring Vertu out of administration but the firm’s accounting deficit is some £128m in comparison, reported The Telegraph.

Despite the liquidation of its manufacturing division, Turkish exile Uzan will retain the Vertu brand, technology and licenses.