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WeWork rival RocketSpace to shut down UK business

Telegraph 02 Dec 2019 06:07

A rival to WeWork is to shut its British office space renting business, putting employees out of work before Christmas.

RocketSpace, a San Francisco-based shared office company that lets space to companies, freelancers and start-ups, will close its UK operation in April, laying off a number of its UK workforce.

The company operated a 1,500-seat shared office in Islington in North London. RocketSpace made a splash in 2017 with its launch into the UK market, working with Royal Bank of Scotland to mark its first international expansion.

Founded in 2010, RocketSpace has provided offices for high-profile technology firms such as Uber and Sweden's Spotify.

The London office was set up in RBS Regents House and was hailed by RocketSpace chief executive Duncan Logan as "critical to our expansion strategy and mission to build an ecosystem for innovation to thrive".

According to Companies House filings, RocketSpace Angel and RocketSpace UK, its London subsidiaries, will shut down as of April next year. Bloomberg reported that current RocketSpace UK employees were told in October they would be out of work by December 20.

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