WeWork, the ailing flexible workspace operator beloved of freelancers and generation gig economy, is to close its flagship base at No 1 Spinningfields in Manchester as part its ongoing global restructuring.
The collaborative workspace company chose Manchester for its first UK location outside London in 2017, taking up 60,000 sq ft at the prime No 1 Spinningfields site.
The business was once valued at $47bn, but has seen its value fall since covid took a bite out of its profits and filed for bankruptcy in the US last November.
The company’s locations outside of the US and Canada were not part of this process, but the business is now taking steps to restructure in the UK too.
A WeWork spokesperson said: “As part of WeWork’s efforts to achieve a sustainable capital structure and profitable business to serve our members for the long term, we have made the decision to stop operating at No 1 Spinningfields in Manchester.
“We look forward to continuing to provide our members with flexible space solutions across our other locations in the city and the rest of the UK, which remains a key market for us.”
WeWork has UK locations in London, Manchester, Birmingham and Cambridge. In Manchester it has further sites at Dalton Place, The Hanover Building and One St Peter’s Square.
