This Is How Coworking Firms Go Bust

WeWork’s finances have grabbed all the headlines, but while the U.S. giant was trying and failing to raise money in an IPO, two smaller UK coworking companies entered insolvency proceedings. One of them, The Clubhouse, has been bought by global giant IWG, which has taken over its four London sites. But the report by administrators at RSM into its demise paints a picture of how the company ended up in administration, and can serve as a cautionary tale for landlords when assessing the financial strength of coworking operators looking to lease their space.  IWG is also in talks to take over the operations of the other firm in administration, Central Working.