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”.
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.
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