Monday 2 December 2019 8:31 pm

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 A.M. revealed that London-based flexible office space group Central Working had collapsed into administration.

Main image credit: Getty