Luxury smartphone manufacturer Vertu has reportedly been bought for £50m by a vehicle funded by Turkish businessman Hakan Uzan.

Set up by Nokia in the 90s, the UK-based firm has been sold Chinese owner Godin Holdings, according to the Telegraph.

It uses the most expensive materials to create handsets costing up to £40,000.

Vertu also offers customers an on-demand concierge service and the ability to personalise handsets by encrusting it with jewels.

CAST YOUR VOTE IN BUSINESSCLOUD'S SEARCH FOR THE UK'S TOP 150 START-UPS

A spokesman for Hakan Uzan described Vertu as "a powerful brand with an acknowledged market niche".

It was added that he was looking forward to working with the team and providing the investment to "enable Vertu to realise its full potential".

Godin Holdings, based in Hong Kong, purchased Vertu less than 18 months ago from private equity firm EQT.

According to a recent financial report, in 2014 the firm made a loss of £53m on sales of £110 million.

By 2015, it had reportedly sold 450,000 devices worldwide, with an average selling price of around $6,000.