London's tech industry workspace TechHub has gone into administration.

A message from founder and chief executive Elizabeth Varley explained that due to a significant reduction in revenue due to the Coronavirus on member companies - and without an agreement from its major landlord to proposals for a way forward - it is unable to continue.

TechHub’s appointed administrator Paul Stanley, regional managing partner at Begbies Traynor, stated that their rescue plan was "very viable", adding that customer levels were almost at full capacity just before lockdown.

"The funders, advisors, directors and employees were happy with the rescue plan, and I'm very surprised that the landlord as major creditor wasn't even prepared to engage with the company about it."

Varley commented: "We have spent the last four months engaging directly with the government, City Hall, our lenders, landlords and the local council to find a solution which would enable us to continue.

"We are hugely grateful to our board advisors who’ve shown us unstinting support through this incredibly difficult and sad time."

TechHub ran over 200 pieces of programming each year, with more than 3,000 events over the last decade. In the last year alone, one-to-one meetings were arranged with 402 investors for member founders, helping them to raise seed rounds.

TechHub directly supported 5,000 startups as members, and had over 150,000 tech industry individuals use the space. Members have included FreeUp (acquired by Greensill), Divide (acquired by Google), Bloomsbury AI (acquired by Facebook), JukeDeck (acquired by TikTok), Yammer (acquired by Microsoft), Nexmo (acquired by Vonage), Wercker (acquired by Oracle), EyeTease, Callsign, SwiftKey and Babylon Health.

Corporates who partnered with TechHub included Pearson, Google for Startups, BT, Telefonica, Deloitte, Aviva, Hiscox, Silicon Valley Bank, London and Partners, Wilson Sonsini, HP and Ordnance Survey.

Share Story: