Finance

WeWork says Covid-19 had ‘material impact’ on top of growing losses

By 2021-01-06T09:23:00

WeWork

Source: Shutterstock/Mitch Hutchinson

WeWork losses trebled to almost £234m in 2019 according to newly published results, in which the company warned it may have to take drastic measures to offset impact of Covid-19 pandemic on the business going forward.

In a dramatic statement buried in the accounts of its UK arm, the group said its entire global operations had been hit by the pandemic with lower occupancy levels, a reduction in new sales and slower rent collection rates.

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