The bond documents revealed that the company made a $933m net loss in 2017, despite revenue nearly doubling to $886m, driven by significant growth in its membership. As of 1 March, WeWork had 220,000 members. The use of discounts to attract new members lowered the revenue per client by 6.2% to $6,928.

Looking ahead, WeWork’s profitability is likely to come under further pressure as rent-free periods on its centres come to an end. Rivals said they expected WeWork to increase the prices it charges members to stem losses.