Iconic British and Portuguese coworking operator Second Home applied to appoint administrators

Iconic British and Portuguese coworking operator Second Home has applied to appoint administrators, after difficult financial years.

According to the online media Sifted, last August, “Second Home was issued a winding up petition — which are used by creditors to force debtors into liquidation if they fail to pay debt the creditors claim they’re owed — by government agency the UK Insolvency Service, which was later withdrawn”.

Known for its abundant pot plants and beautiful design, Second Home — founded in 2014 by investor Rohan Silva — rapidly became a very inspiring player for the whole European coworking industry. Second Home raised more than £60m, reminds the article.

“Second Home struggled with overrunning costs. In the first half of 2024, its Los Angeles, Clerkenwell and London Fields sites were removed from its website”, writes Sifted. “Revenue fell from a high of £9.8 Mio in 2019 to £6.6 Mio in 2021, according to its most recent financial accounts for that year (the company is nearly a year overdue on more recent accounts). Losses hit £13 Mio in 2021, down from a high of £22.7 Mio the previous year.”

In October 2022, Silicon Valley billionaire Riaz Valani put £7.8 Mio in exchange for a majority stake, meaning a “huge markdown from the £130 Mio valuation Second Home held in 2019”, comments the article.

Second Home took part in Coworking Europe 2023 conference, in Porto.

As far as we are, we are sure Second Home’s experience driven environments will keep inspiring the whole industry many years ahead. Kudos to all the team!