According to a report published on Sunday, the Financial Times says Nokia hopes to sell its UK subsidiary to the private equity group Permira, raising an estimated 200 million euro in the process.

Vertu produces hand-made luxury phones, some of which sell for over 100,000 euro thanks to its use of precious metal components.

According to people familiar with the matter, Goldman Sachs is overseeing the sale, which has not yet been finalised.