The U.K. division of the coworking company WeWork has reported a significant financial loss, revealing a £147.9 million pre-tax loss for the year 2023. This follows losses of £122.6 million in 2022, £142.7 million in 2021, and even larger losses in the years prior.
WeWork’s U.K. operation saw its revenue increase slightly in 2023, rising from £59.3 million to £72.5 million, according to City AM.
However, the company’s debt to its U.S. parent company, which filed for bankruptcy in late 2023, has grown dramatically — from £730.9 million to £836 million.
The U.S. parent, based in New York, filed for bankruptcy after the pandemic led to a sharp decline in demand for office space. Despite the financial troubles, WeWork emerged from bankruptcy in June 2024.
The company used the court protection to renegotiate leases and restructure its global operations, reducing the number of shared office spaces it operates worldwide by half—from over 600 to 337.
While WeWork International, which includes the U.K. arm, was not part of the bankruptcy process, the company did close several locations in 2024, including offices in Manchester and London.
Despite these challenges, WeWork U.K. remains a key market, with a reported 23% increase in tour bookings in 2024. The company has also been renegotiating its global leases to ensure long-term sustainability and to align with current real estate market conditions.
