The subsidiary's sales jumped 90%, but payments to WeWork and higher wage and interest costs meant its losses spiked tenfold.
Cash-strapped WeWork pulled nearly $60 million more from its UK subsidiary and lumped it with close to $240 million in extra debt in 2018. WeWork International Limited grew revenue by 90% last year, but payments to its parent company for intellectual property and other support services fueled a tenfold surge in pre-tax losses to £76 million. The UK company's wage and salary costs soared 150%, and its interest payments jumped sixfold due to the increased debt.
Cash-strapped WeWork pulled nearly $60 million more from its UK subsidiary and lumped it with close to $240 million in extra debt in 2018. WeWork International Limited grew revenue by 90% last year, but payments to its parent company for intellectual property and other support services fueled a tenfold surge in pre-tax losses to £76 million. The UK company's wage and salary costs soared 150%, and its interest payments jumped sixfold due to the increased debt.
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