Iconic London-based coworking company Second Home, founded in 2014 and backed by major investors including Index Ventures and Atomico, has filed for administration following years of financial struggles. Despite raising over £60m and achieving a £130m valuation in 2019, the company saw revenues drop from £9.8m to £6.6m between 2019-2021, with losses reaching £13m in 2021.

The company underwent a rescue deal in 2022 led by Silicon Valley billionaire Riaz Valani, but continued to face challenges, closing multiple locations in early 2024.