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Home Tech News Twitter sued by crown estate over alleged unpaid rent on London HQ

Twitter sued by crown estate over alleged unpaid rent on London HQ

Twitter sued by crown estate over alleged unpaid rent on London HQ

Social media platform abandoned its offices near Piccadilly Circus after Elon Musk takeover

Twitter is being sued by the crown estate for allegedly failing to pay rent on its London headquarters.

The estate, which manages property belonging to King Charles III, filed a claim against Twitter in the high court in the UK capital last week. The alleged rental arrears relate to office space near Piccadilly Circus in central London, according to the BBC.

Twitter did not immediately respond to a request for comment.

The crown estate, which owns a property portfolio worth £15.6bn, including 241 locations in central London, said the court action related to “rental arrears” on the social media platform’s office space in the city.

The action came only a few months after Twitter was taken over by Elon Musk, the co-owner of Tesla and SpaceX, in October last year. Musk paid $44bn (£36bn) for the platform and quickly initiated sweeping job cuts to the firm’s 7,000-strong workforce – cutting it by 50%.

Musk’s takeover has not been without issues, including a chaotic relaunch of the blue tick scheme for verified users that led to a number of impersonator accounts and advertisers withdrawing from the platform over concerns about a rise in hate speech.

The social media company was reportedly hit by a 40% drop in revenue after more than 500 clients paused their spending, with high-profile brands such as Audi and Pfizer halting advertising.

The BBC reported that the crown estate took legal action after previously contacting the social media company about the alleged rental arrears at its office space.

John Wallace, a solicitor and director at the London-based law firm Ridgemont, said the hearing between the crown estate and Twitter was likely to take place in the next six months and warned that the UK’s struggling economy could lead to an increase in rent arrears claims.

He said: “The receding of the UK’s economy will inevitably lead to commercial landlords having to take action against non-paying tenants.

“I would expect to see a sharp rise in commercial rent arrears claims in second and third quarters of 2023, given the Office for Budget Responsibility’s prediction that a recession will last until at least autumn 2023.”

The estate is one of the largest landowners in the UK, and although the portfolio belongs to the monarch, it is not private property.

The revenue from the estate goes to the Treasury for public spending and in return the monarch receives the sovereign grant.

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