Wework set to sack 2,000 employees as bosses weigh up rescue plans October 15, 2019 Wework is said to be preparing as many as 2,000 layoffs in the coming weeks as its new bosses battle to keep the company afloat. The troubled co-working giant is looking to cut roughly 13 per cent of its global workforce starting as early as this week, the Guardian reported. Read more: Softbank seeks control [...]
The Office Group buys Chancery House for £100m October 14, 2019 Flexible workspace provider The Office Group (TOG) has bought Chancery House in a deal worth more than £100m. The 150,000 sq ft property in Chancery Lane is the co-working group’s largest London property to date. Read more: The Office Group expands into Hammersmith Wework rival TOG bought the block near Chancery Lane and Holborn Underground [...]
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 [...]
Trading places: A tour around the new £1bn Goldman Sachs London HQ October 7, 2019 For Goldman Sachs bankers used to living life in the fast lane, the slow lifts at their recently-opened London HQ are a new source of frustration. “Don’t get me wrong, the place is great, but it takes two minutes just to go up a few floors,” grumbles one employee. Read more: Why Transferwise denied a [...]
Wework confirms it will withdraw IPO filing amid investor apathy September 30, 2019 Wework today confirmed it will withdraw its initial public offering (IPO) filing after it was forced to push back plans for its troubled float. Read more: Wework sells former CEO Adam Neumann’s $60m private jet The coworking firm last week announced that Adam Neumann would step down as chief executive following a frosty reception from [...]
Workspace hub Knotel thinks it’s solved Wework’s business model problems September 26, 2019 Wework’s ill-fated initial public offering (IPO) will have only a “limited” impact on the fortunes of flexible workspace rival Knotel, the firm’s boss has said. Tom Dugarin, Knotel’s UK general manager, played down concerns about Wework’s troubled listing, saying his company had a more sustainable business model. Read more: Wework rival Knotel expands London presence [...]
No business is an island in the fight against climate change September 23, 2019 Last Friday, adults joined forces with students to inspire a call to action on the Earth’s climate and ecological emergencies. More than a thousand Amazon employees planned a walkout, and we saw the Trade Union Congress urge their members to support climate strikers. Regardless of what you think of people taking time off work to [...]
Wework rival Knotel expands London presence with new City locations September 18, 2019 Knotel, the flexible workspace rival to Wework, has snapped up a string of new City locations as it continues to expand its presence in the capital. Read more: Wework rival Knotel secured unicorn status with $400m fundraising The New York-based startup has signed an agreement with property developer Great Portland Estates to take over 82,000 [...]
Most retail landlords consider re-purposing property September 18, 2019 Most retail landlords are considering redeveloping their properties for other uses in a further blow for the struggling UK high street. In total, 18 per cent of landlords have already completed a re-purposing project and a further 75 per cent are considering making the move, according to a survey by estate agent Savills. Read more: [...]
Phonebooth startup Room launches in UK as it dials in to coworking boom September 17, 2019 Room, the US startup specialising in phonebooths for open plan offices, launched in the UK today as it looks to cash in on the rising popularity of coworking spaces. The New-York based firm, which counts Google, Uber, Amazon and Apple among its clients, is also rolling out in six other European countries amid growing demand [...]