A BELFAST co-working hub dedicated to the growing cluster of early stage technology companies operating in the finance space will remain shut for at least a year, it has emerged.
The Catalyst Belfast fintech hub opened two years ago on the ground floor of Danske Bank’s city centre headquarters in a specially designed space next to the bank’s flagship branch in Donegall Square West.
But it has being operating at vastly reduced capacity following the introduction of restrictions around Covid, and has now confirmed that it will not re-open for another 12 months.
In a survey over the summer, members indicated they had little intention of coming back in the foreseeable future, and the space was lying idle aside from one or two clients occasionally dropping in to work on laptops.
A meeting took place last week between Catalyst and the bank, and they agreed to shut the Belfast hub for a year and communicate their decision to members.
However, Catalyst’s other workspaces at Titanic Quarter and its Innovation Centres in Ballymena and Derry have remained open to tenants throughout the pandemic and will stay open and available.
A spokesman for Catalyst said: “We're not going to lie, it's a bitter pill to swallow and it still stings. But the safety of our members is ultimately the only priority.
“At this time, and as the R-number fluctuates on a daily basis, we want to give our members some certainty and the ability to adapt during the pandemic reality.
“Before the pandemic, the hub was a thriving co-working space and the community has continued to thrive, just in different ways.
"But as our doors temporarily close, we are working on opening others, collaborating with others to pivot and support the community in Belfast.
“We will continue to work with the hub community to support them in whatever way meets their needs, whether that is space in one of our other campuses or remaining part of our virtual community until they are ready to return to a physical space.”
Richard Caldwell, managing director of strategy & commercial development at Danske Bank, said: “Before the pandemic the hub was a thriving co-working space with collaboration and community at its heart.
“But implementing social distancing measures would mean halving the number of members we could accommodate and closing our collaborative event space.
“And as a significant number of members continue to work from home and do not envisage returning in the short to medium term, it makes sense to postpone re-opening and review the position again in a year’s time.”
The space offered 24/7 access for members and features dedicated office suites, permanent desks, hotdesking space, a break out coffee area and a unique 'Vault' event space inside a former safe that can seat up to 50 people for meet-ups and workshops.
