Wileyfox, the British smartphone maker that went into administration last month, has until the end of the month to find a rescuer before it faces liquidation.
The company started selling budget handsets in 2015 via retailers such as Carphone Warehouse, but has struggled to compete against more established names and a rise in component costs amid the pounds weakness last year.
In February it brought in restructuring firm Quantum as administrators after it was unable to keep up with £11m of debts following the collapse of Russian bank Promsvyazbank and was unable to pay its distributor. Promsvyazbank was bailed out by Russias central bank last year but has stopped lending to overseas businesses.
Wileyfox, which sold phones for …
Read the full article at: https://www.telegraph.co.uk/business/2018/03/04/wileyfox-has-month-find-saviour-face-liquidation/