City rents rise as return to the office drives up demand for prime locations Property Available office space in London’s most sought-after areas has slumped to near record lows as businesses continue to reverse pandemic-era working from home rules. According to global property consultancy Knight Frank, availability in newly constructed office buildings has fallen to 0.3 per cent in the West End Core – which includes Mayfair and St James’s [...]
Wework: UK firm owes almost £840m to bankruptcy-hit US owner Business The UK arm of troubled US co-working startup Wework lost almost £150m in the year before its parent company filed for bankruptcy. The division suffered a pre-tax loss of £147.9m in 2023, according to newly-filed accounts with Companies House. The latest figure comes after the arm racked up a pre-tax loss of £122.6m in 2022. [...]
IWG buoyed by workers returning to the office Business Hybrid workspace platform International Workplace Group (IWG) has reported an uptick in revenue boosted by strong growth in its managed and franchised properties. Revenue grew by two per cent in the three months to 30 September, 2024, on a year-on-year constant currency basis, the company told markets this morning. The firm grew revenue at its managed and [...]
Office Depot owner loses over £50m ahead of quitting UK thanks to working from home trend October 2, 2024 OT Group, the owner of Office Depot and the Spicers wholesale brand, lost more than £50m in the year before it revealed plans to quit the UK. The Greater Manchester-headquartered group has posted a pre-tax loss of £52.5m for 2023, having also lost £15.8m in 2022. Newly-filed accounts with Companies House also reveal that turnover [...]
Midscale London hotels outperform cheaper rivals as back-to-the-office drives weekday bookings June 13, 2024 Midscale hotels are currently on top of the accommodation food chain in London, new data has found, as revenue available per room across the semi-affordable chains has risen seven per cent over the year to April.