Trendy loss-making co-working start-up WeWork is supposedly worth $20bn while the much larger 30-year-old IWG, which does make a profit, is valued at £2.8bn ($3.6bn) and can’t land a buyer. The two companies are both based in New York but have offices across Europe.
Trendy loss-making co-working start-up WeWork is supposedly worth $20bn while the much larger 30-year-old IWG, which does make a profit, is valued at £2.8bn ($3.6bn) and can’t land a buyer. Despite a drop in pre-tax profits to £54.3m over the first half, on any normal measure IWG should be worth more than WeWork, and the fact that a series of potential buyers have walked away, unprepared to pay a silly price, should send a message to WeWork that is it overvalued.