British phone manufacturer Wileyfox enters administration, dissolution just one step away
Yet another smartphone manufacturer is in financial trouble, but unlike HTC or LG, Wileyfox doesn’t have many assets to sell and still stay in business or a profitable home entertainment division to offset mobile losses.
Founded in 2015, the small but ambitious British company never became particularly successful or even active in foreign markets, which is why sales are estimated at under one million units in total since Wileyfox made its commercial debut.
That clearly didn’t happen, as a former employee revealed on Tuesday that “Wileyfox Europe Limited is in Administration.” Two newly appointed administrators will apparently be acting “jointly and severely without personal liability” to try to save Wileyfox from total corporate annihilation.
Similar to bankruptcy, this “administration” procedure can be an alternative to liquidation or a precursor to it. Either way, there’s still some hope for salvation, but it all relies on the administrators’ ability to pay off outstanding debts and find a path to profitability or at least an interested buyer.
If Wileyfox is not sold or miraculously restored to solvency, then the company will be dissolved and its new Windows phone terminated for good. Whether you’ve ever heard of Wileyfox or not before today, we can probably all agree that’s sad.