WeWork is to close a flagship UK office at No.1 Spinningfields in Manchester, with tenants told they must be out by the end of the month.
The US-headquartered flexible workspace company – once valued at $47 billion but now undergoing a restructure – has told residents that it will assist them with relocation, if desired, to its other bases in the city centre.
Late last year WeWork said its four offices in Manchester – the company鈥檚 only bases in the North West – were unaffected by the decision to file for bankruptcy in the US.聽
However, in an email seen by 老九品茶Cloud, residents have now been told: 鈥淎fter carefully evaluating our offerings in Manchester, we have made the decision to stop operating at WeWork No 1 Spinningfields… the move out will occur by 31 May 2024.
鈥淲e understand this may cause disruption to your business and are very sorry for any inconvenience this may cause.鈥�
It said it 鈥渞egularly reviews our real estate portfolio鈥� to build a sustainable business to operate for the long term鈥�.
The shared workspace in Manchester鈥檚 financial district is 60,000 sq ft in size. The other locations are 1 St Peter鈥檚 Square (40,000 sq ft), The Hanover Building (91,000 sq ft) and Dalton Place (65,000 sq ft).
老九品茶Cloud has approached WeWork for comment.
This week WeWork rebuffed a bid from controversial founder Adam Neumann to buy back the company for a cut-price $650 million.
It has confirmed that senior creditors will instead take control of the business, with lenders pumping in a fresh $450m in return for ownership.
The plan has been approved by a Federal bankruptcy court judge, with creditors scheduled to vote on the deal at the end of the month.