WeWork’s top UK subsidiary posted a loss of £110 million in 2022 and said it owed nearly three quarters of a billion pounds to its US parent in signs the London office market’s sluggish recovery from the coronavirus pandemic has crippled its finances.
London-based WeWork International, which collects management fees and service revenue from WeWork’s UK workspace locations on behalf of its New York-based parent company, reduced its losses by around £40 million compared to the £153 million loss it made the previous year, according to figures recently published to Companies House, while revenues grew £37 million to £59 million. The company’s net liabilities jumped 41% to £377 million, while loans payable to its US parents grew 27% to £731 million, on which it paid interest of up to 5.9%.
