Smartphone Market Struggles Continue: Wileyfox Files for UK Administration
Wileyfox, a UK-based smartphone manufacturer known for its early adoption of unmodified Android OS, has confirmed that it has entered administration according to a recent Reddit post by an ex-employee. The news comes amidst ongoing struggles within the global smartphone market and follows the collapse of Wileyfox’s primary Russian bank funder, Promsvyazbank.
The Trouble with Wileyfox
Wileyfox had not publicly discussed its company accounts since April 2017, but filings revealed that at the time the business only had £1,777 in cash on hand and a looming £543,476 debt to creditors. Additionally, the firm reported an operating loss of £1.5 million for the year. Co-founders Nick Muir and Victoria Denman left the company last April, further complicating Wileyfox’s financial situation.
The Russian Connection
Wileyfox was primarily funded by Russian bank Promsvyazbank (PSV), which was itself bailed out by the Central Bank of Russia in December. The restrictions on lending imposed as a result of PSV’s special measures have left Wileyfox unable to access working capital, leading to its recent administration filing.
Future of Wileyfox Uncertain
The exact details surrounding the future of Wileyfox are unclear at this time. It is not known if the company will continue to support existing handset owners or how other parts of the Wileyfox Group may be affected.
This news highlights the ongoing challenges facing smartphone manufacturers, particularly those operating outside of the major players like Apple and Samsung. As Wileyfox faces an uncertain future, it remains to be seen if the company can find a resolution to its financial troubles or whether we have seen the last of this once-promising smartphone maker.
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