Atom bank hails 'new chapter' with office move

A digital lender has unveiled a headquarters move.

Atom bank is switching to Newcastle’s Pattern Shop.

Bosses say the new base – where Robert Stephenson built steam locomotives in the 1800s for global export – marks a “new chapter” for the savings and mortgage provider.

They add the move, described as a multi-million-pound investment, will bolster existing flexible working practices through the creation of a “unique, inspiring and collaborative atmosphere”.

Founded in Durham in 2014, app-based Atom, which operates without any high street branches, has grown to a 550-plus staff operation from The Rivergreen Centre, in the city’s Aykley Heads area.

However, Mark Mullen, chief executive at the lender, which saw operating profit rise 600 per cent to £27 million in its 2023 financial year, said its new home marks the next step on the bank's growth journey.

He said: “Our investment in the iconic Pattern Shop is a bold statement about how we see the future of work. 

“While many companies are backtracking on past commitments, and forcing their people back to the office, we’re doing the opposite – we’re creating a social space that brings people together because it’s inspiring, not because it’s mandated.

“We’re building a culture of trust at Atom, with the flexibility to work how and where people are most happy and productive.

“The Pattern Shop played a key role in shaping the modern world.

“With its unique character and rich history, it is the perfect place to reimagine what a company headquarters can be.

“This isn’t just an office - it’s a symbol of who we are as a brand.”

Mark revealed that despite the lender’s move, it will retain its links with Durham through its Atom Futures Fund, AMI Women in Technology Scholarships and a previously-unveiled memorandum of understanding with Durham University.

He added: “The move comes at an exciting time for the bank as we continue to grow.

“Other businesses may use the blunt instrument of ‘back to the office’ diktats but we look to do the right thing.

“Our Newcastle move reflects that.”

Knight Frank secured the office letting on behalf of Newcastle City Council and its development partner igloo Regeneration, with JLL representing Atom in lease discussions.

Councillor Karen Kilgour, leader of Newcastle City Council, said: “I’m delighted to welcome Atom; this is a huge vote of confidence in Newcastle.

“Atom is a great North East success story, and I am sure it will continue to thrive in our region.”

Nathan Douglas, senior surveyor at Knight Frank, said: “It’s a coup for Newcastle to welcome one of the region’s best known success stories.”

Lee Conroy, senior director at JLL, who represented Atom bank, added: “Atom’s investment speaks volumes about the company's trajectory as a challenger bank and the evolving landscape of digital banking.” 

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