WeWork, the global flexible space provider, has secured Multiverse, the UK tech "unicorn" which trains entrepreneurs via professional apprenticeships, for its London headquarters at 2 Eastbourne Terrace in Paddington.
Multiverse has taken two full floors or around 20,000 square feet for its 700-strong UK workforce. WeWork said Multiverse has adopted a hybrid work model for its employees and said the Paddington move, brokered by Making Moves London, prioritises "inspiring, well-designed workspace" next to the station.
Last year, Multiverse raised a $220 million Series D funding round from venture capital, pushing its valuation $1.7 billion and making the company the latest UK tech unicorn, where a company is valued at over $1 billion.
The space at WeWork 2 Eastbourne Terrace uses the Workplace software so that employees can book desks in advance while providing data on how employees are using the office footprint.
Former prime minister Tony Blair's son Euan Blair is the founder and chief executive of Multiverse.
Mathieu Proust, the chief operating officer international, WeWork, said in a statement: “[Multiverse's] move to 2 Eastbourne Terrace not only underscores their commitment to provide a first-class experience for their employees – both based in London and outside of the capital – but reaffirms WeWork’s position as the partner of choice for large, growing enterprises who are putting their best foot forward in this new world of work.”
Libby Dangoor, chief of staff, Multiverse, said it that through its hybrid approach, "Multiversers have the freedom to work on their own terms, harnessing the advantages of remote work along with the value of in-person collaboration and a great office environment."
First opening in 2016, WeWork 2 Eastbourne Terrace is located next to Paddington station and has eight floors.
WeWork is battling delisting. On 19 April, it received a non-compliance notice from the New York Stock Exchange as its share price had refused to budge above $1 a share for 30 trading days. The notice raised the possibility of the company having to delist or conduct a reverse stock split as its shares had sunk 90% from a market value of $9 billion (£6.53 billion) since it listed in March 2021.
In June, WeWork shareholders voted for the reverse stock split. This is a reduction in the number of a company's outstanding shares in the market which automatically boosts the value of the stock, usually based on a predetermined ratio. Also in June, it was issued with a notice of delisting for not having a majority of independent members on the board.
WeWork's occupancy and leasing figures have been improving. In May, US e-commerce giant Amazon signed for a slug of offices at a space in the City of London. The group will occupy around 70,000 square feet at the building Moor Place at 1 Fore Street Avenue.
In May WeWork said revenue had lifted and losses narrowed in its results for the three months ended 31 March 2023. Investors have been keenly following its battle to be profitable and speaking at an investor call CEO Sandeep Mathrani, who has subsequently left the business, suggested the company would report free cashflow break-even by the end of 2024, later than previous projections that it would be in early 2024.