Wework aims to be free cash flow positive by 2022 February 11, 2020 Embattled office space provider Wework has said it will become free cash flow positive a year earlier than expected and will post its first ever $1bn revenue quarter this year. The coworking firm said it will be free cash flow positive by 2022, and hopes to achieve free cash flow of more than $1bn by [...]
Canary Wharf rolls out flexible offices after pandemic shakes up work habits February 19, 2022 London landlord the Canary Wharf Group is planning to roll out a flexible office service for clients, as the city continues to adapt to the pandemic shakeup to work patterns.
Wework threatens to sue Softbank over ditched $3bn share buyout April 2, 2020 Wework has threatened to sue Softbank after the Japanese investment giant abandoned plans to buy $3bn (£2.4bn) worth of additional shares in the company. Softbank, which owns a controlling stake in the coworking firm, agreed to the share tender last year as part of a rescue package following Wework’s botched public listing. The company said [...]
The Debate: Should we finally ditch hot desking? November 15, 2023 City A.M.’s new weekly feature takes the fiercest water-cooler debates and pits two candidates head to head before delivering The Judge’s ultimate verdict. This week: Hot desking The idea of flexible workspaces, or hot desking, tends to evoke a strong reaction in the office. There are those who love to swap seats daily, meet new [...]
Softbank’s Wework financing talks stall December 23, 2019 Softbank’s attempts to secure $3bn from three Japanese banks have stalled, creating a hurdle for the firm’s $9.5bn rescue plan for Wework. Softbank is now likely to start the new year without the funding for the office sharing company in place, after two of the lenders hit internal lending limits to the firm. Read more: [...]
Wework’s fall back down to Earth was a long time coming October 25, 2019 Sometimes only a bold and radical move can pull a company out of a hole, and by the standard of Wework, plans don’t get more radical than the ones announced by the company’s new chairman Marcelo Claure. One can almost imagine the gasps as he informed staff that from now on, the business will “prioritise [...]
Softbank ‘tightening governance’ at firms it backs after Wework’s near collapse November 4, 2019 Softbank is said to be tightening governance at companies it has backed, as the conglomerate tries to limit the control of startup founders and renew confidence in its investments after Wework nearly collapsed. The Japanese company, which has a $97bn investment arm called Vision Fund, will reportedly announce harsher governance standards and restrictions on dual-class [...]
The next year will cement new trends in how we work January 2, 2023 The last year was supposed to herald the return to the office, but strikes and other disruptions meant a City full of workers never materialised.
Mark Kleinman: LSE chiefs must seize Shein opportunity December 14, 2023 Mark Kleinman is Sky News’ City Editor and is the man that gets the City talking in his weekly City A.M. column.
Wework’s European operational losses skyrocket 900 per cent October 11, 2019 Huge rises in staff costs and management fees related to Wework’s stratospheric expansion plans have sunk its internal division to an £80m loss. 2018 filings for Wework International reported an 898 per cent increase in overall losses to £75.9m, up from £7.6m a year earlier. Read more: Goldman Sachs keeps a Wework space to fall [...]