Wework rival Rocketspace exits UK
Wework rival Rocketspace is planning to pull out of the UK and will close its London co-working office by next year.
The San Francisco-based firm, which rented out space to London freelancers and start-up businesses at a shared office in Islington, said it has decided to “cease operations in the UK”.
Read more: The big business invasion of the co-working world is bad news for entrepreneurs
Filings for Rocketspace Angel showed that the subsidiary had debts of more than £9m due this year.
“Since the year end, the directors have decided to cease operations in the UK and close down the company which they anticipate will be completed by 1 April 2020,” the company said in a regulatory filing.
Rocketspace chief executive Duncan Logan reportedly told UK-based staff last month that they will be made redundant on 20 December.
The company is planning to refocus on providing funding services for start-up firms, Bloomberg reported.
The firm’s departure strikes a further blow to the co-working market, following Wework’s plans to axe staff numbers after abandoning a planned initial public offering in September.
Read more: Low-end offices face glut of demand as start ups opt for fancy co-working spaces
Last month Wework’s UK staff were warned that their jobs were at risk under the company’s rescue plan.
In October City PM revealed that London-based flexible office space group Central Working had collapsed into administration.
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