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WeWork slashes £320m of UK leases because it slams brakes on growth
WeWork pulled out of greater than £320m worth of lease agreements with UK landlords final yr because it tried to cut back its ballooning property publicity amid the pandemic. The workplace rental firm terminated at the least 4 main leases within the UK, in keeping with a Telegraph evaluation of paperwork filed at Corporations Home. The exits got here after its complete lease liabilities within the UK had swelled to £4.2bn on the finish of 2019, a billion-pound enhance over the yr. WeWork, the SoftBank-backed workplace area firm, was pressured to drag out of a £47bn flotation in 2019 resulting from questions from traders and revelations concerning the erratic conduct of its founder Adam Neumann.