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. [...]
Workspace: Lettings strong but occupancy declines with clients vacating Property Leading provider of flexible office spaces Workspace reported strong lettings in the latest quarter, but saw some of its bigger clients quit as occupancy declined. The firm said it completed 296 lettings in the second quarter of 2024, generating £7.4m in annual rental income. The London-based firm’s like-for-like occupancy rate however dipped by 0.7 per [...]
Helical reveals progress on London properties and new debt facility Property London-listed property development firm Helical said it has made “good progress” on a number of targets it set earlier this year, in a trading update ahead of its half year results. In the six months ending 11 October, Helical started work on a “carbon friendly” office next to City Thameslink station, and is repairing its Brettenham House in [...]
Wework founder Adam Neumann iced out of £359m bankruptcy deal April 30, 2024 Troubled office space provider Wework has unveiled a new plan to absolve itself from bankruptcy, and it does not involve Adam Nueman its founder who was looking to regain control of the business.
Helical extends London Wework lease amid takeover talks April 22, 2024 Property investment and development company Helical has extended its lease with Wework until June following a decision late last year to remove the struggling hybrid workplace provider after it could no longer pay its rent.
Ever wanted to make the pub your office? Well now you can and it’s cheaper than you think April 4, 2024 It's actually cheaper to work from a pub than in a co-working space, a new report has claimed.
Wework founder Adam Nuemann bids to buy co-working firm back for £394m March 26, 2024 Wework founder Adam Neumann has submitted a $500m (£394m) bid to buy back the troubled coworking business.
As Wework’s troubles continue, the company’s competitors are taking advantage March 5, 2024 Troubled Wework is continuing to scale back its offices in London following the filing of bankruptcy in its home market of the US.
Wework is one of London’s biggest tenants — what could a potential collapse mean? November 3, 2023 Wework has recently found itself in hot water, with US reports suggesting that the company could file for Chapter 11 Bankruptcy as soon as next week.