Money dried up for Wileyfox due to the collapse of its primary financial provider
British smartphone manufacturer Wileyfox has entered administration after playing its hand in the smartphone market three years ago.
CEO Michael Coombes confirmed this to Mobile News. He said Wileyfox’s holding company was primarily funded by Russian bank Promsvyazban (PSV) which “collapsed” and was bailed out by the Central Bank of Russia in December. Special measures were placed restricting lending outside of Russia, ceasing finances sent to the British manufacturer.
The news broke on popular news aggregation and discussion website Reddit yesterday (Feb 6) where an ex-employee claimed the company is in the hands of administrators Quantama.
The Reddit post read: “Wileyfox Europe Limited is in administration. Andrew Andronikou and Andrew Hosking are appointed joint administrators and act jointly and severely without personal liability”.
For the full story check out the next issue of Mobile News released February 12.