UK: Coworking company Second Home has entered administration, and is due to undergo a management buyout.
Founded in 2014 by Rohan Silva, a policy advisor to former UK prime minister David Cameron, Second Home appointed administrators yesterday (Dec 7) after a troubled few years. Silva was replaced as CEO by former COO Jamie Apostolou in February 2024.
“This was our only option to keep the company alive,” CEO Jamie Apostolou said in a statement. “Second Home remains a strong brand, and our values haven’t changed. We are excited to focus on providing an inspiring environment and strong community for individuals and businesses.”
The company will continue operating its Spitalfields, Holland Park (both London) and Lisbon locations.
Since launching, Second Home has raised more than £60 milion from investors including European VC firms Index Ventures and Atomico, as well as LocalGlobe cofounder Robin Klein, president of Tencent Martin Lau and Israeli billionaire Yuri Milner.
Following years of losses, Riaz Valani became the majority shareholder in 2022 after investing £7.8 million via his private equity firm Global Asset Capital – in 2019 the company was valued at £130 million. Since his acquisition, the company has closed several locations, including Los Angeles, London Fields and Clerkenwell Green.
“Historical debt led to the decision to file for administration and pursue a pre-pack sale led by management,” the company said in a statement.
