Swedish Coworking Operator Convendum Exits Corporate Restructuring with Slimmed-Down Portfolio

The Swedish coworking operator Convendum has officially exited its court-supervised corporate restructuring process, which began in October 2024, says a company press release.

Convendum, which operates coworking spaces across Sweden, particularly in Stockholm, Gothenburg, and Malmö, will now move forward with a streamlined portfolio of 15 operational sites and a revised cost structure aimed at long-term sustainability.

Founded in 2015, Convendum specializes in premium flexible workspaces offering a mix of coworking areas, private offices, lounges, and meeting rooms. The company has positioned itself as a leading brand in the Swedish coworking market, targeting both corporates and SMEs with turnkey office solutions that include concierge-style services and high-end amenities.

Convendum is privately owned, with Swedish real estate company Wallenstam holding a minority stake. The firm expanded rapidly over recent years, securing leases in prime commercial buildings—often through long-term agreements with institutional landlords. However, this growth strategy became a liability when macroeconomic conditions shifted.

According to the company, the restructuring was triggered by a combination of external economic pressures: the aftermath of the COVID-19 pandemic, economic recession, and inflationary spikes that led to unsustainably high rental costs between 2023 and 2024. Convendum also acknowledged that its fast-paced expansion had exposed the business to elevated fixed costs that were difficult to maintain under new market conditions.

As reported earlier, the company filed for corporate restructuring under Swedish law in autumn 2024, with the goal of avoiding bankruptcy.

Throughout the restructuring, Convendum’s spaces remained operational and customer services continued without disruption. Behind the scenes, however, the company engaged in significant cost-cutting and operational consolidation. Five lease agreements were terminated—including with landlords such as Skandia Fastigheter, Humlegården, Atrium Ljungberg, and Wallenstam itself—and customers from those sites were relocated to the remaining operational units.

The restructuring has reportedly resulted in a cost reduction of over 30%, while Convendum was able to maintain revenue levels, according to CEO Håkan Jeppsson. Approximately 75% of nearly €43.4 Million was written off as part of the restructuring plan. Landlords affected by terminated contracts are expected to receive compensation totaling around €6.2 Million.

With 15 active locations, Convendum continues to operate a sizable coworking network and maintains its focus on providing premium workspaces. The company says it is now financially stable and is repositioning itself for disciplined growth in the evolving office market, where demand is increasingly driven by hybrid work models and service-oriented leasing.