Nokia is preparing to sell Vertu, a UK-based subsidiary that specialises in handmade luxury phones for the super rich.

The process is at an early stage, although there has been interest from private equity groups and it’s likely to attract interest from luxury goods brands, according to sources of the Financial Times.

Yet to be officially valued, Vertu has an estimated annual revenue of up to €300 million (£255 million).

Vertu’s luxury handsets are available in more than 60 countries, some with dedicated shops. Somewhat predictably, it has a strong following among those in Russia and the Middle East who wouldn’t have their personal assistant seen dead in a branch of Phones4U.