WeWork offices targeted by IWG after US collapse

WEWORK’S British rival, IWG, today said it was eyeing the bankrupt business’s portfolio for London acquisition opportunities as it posted a healthy 10% sales growth.

- Simon Hunt

CEO Mark Dixon said WeWork’s dramatic downfall would attract more customers to IWG as any restructuring would likely result in higher rents for customers to pay off its steep debts.

His comments in an investor call came after WeWork filed for Chapter 11 protection from creditors after a struggle to pay off billions of dollars of debt, although it does not impact operations in the UK.

But thousands of staff at London’s fastest-growing startups face uncertainty over the future of their workplaces.

Dixon said: “Clearly, there will be some customers that will avoid using them because they will be closing quite a few centres and that’s a difficulty if you’re thinking about putting people into space.