The co-working space rival to WeWork, RocketSpace, to close in UK

RocketSpace to close UK operation

It has just been announced that the shared office rival to WeWork, a San Francisco -based company called RocketSpace, will shut down in London.

When will RocketSpace close down?

The flexible office space in London firm has announced it will close in April. However, it has already started the process of laying off a number of its workforce in the UK.

Bloomberg has reported that UK employees were told in October that they would be out of work before Christmas (by December 20). It is estimated that there is around six RocketSpace staff based in London, with many workers having left in the past year.

Who is RocketSpace?

The firm rents out office space to freelancers, other startups and companies. It was first launched in 2010 and provided offices to a number of high-profile clients including Spotify and Uber.

RocketSpace launched its London office back in 2017. Located in Islington in North London, the 1,500 -seat shared office space worked with the Royal Bank of Scotland (RBS) to help mark its expansion overseas.

RBS still has a long-term lease on the Regents House Building which spans approximately 5,575 square metres in total. It is thought that a new tenant will likely sublet the space in the not too distant future.

 

Why is RocketSpace closing down?

It is thought that the RocketSpace had debts amounting to 9 million pounds that were due this year. It is another blow to the London coworking scene, following WeWork’s recent troubles.

Currently, WeWork is assessing whether it can go ahead with 28 office deals in its second-biggest market. After its recent bailout by SoftBank Group Corp, this new office deal hangs in the balance still.

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