San Francisco-based coworking provider RocketSpace is pulling out of its UK office business and will shut down the subsidiary by April.
CEO Duncan Logan told the UK employees that they would be out of a job after December 20 as the company refocuses on funding services for startups.
RocketSpace UK Ltd. and RocketSpace Angel Ltd. will be closed by April. RocketSpace Angel had debts of around $11.6 million due this year that the company was unable to repay.
RocketSpace expanded into Britain in 2017, its first outside of the U.S.
“As a bank, we’re proud of our partnership with RocketSpace and of what has been achieved by so many of the innovative tech startups based at Regents House over the last two years,” said Simon McNamara, Chief Administrative Officer at Royal Bank of Scotland, who partnered with the coworking operator to fund its expansion. “We wish them and their members every success with their future ventures and look forward to working with many of them as they grow their businesses.”