Atom bank moves to iconic new HQ in Newcastle while continuing fully flexible working practices

• Atom is moving its HQ to the historic Pattern Shop, once home to industrial pioneer Robert Stephenson, inventor of the first practical steam locomotive in 1829

• The unique space will serve as a hub for the digital bank, which continues to advocate flexible working practices and the success of its four-day working week

• Atom will maintain strong links to its previous home in Durham, through its support of various social, charitable and educational initiatives

Atom bank, the UK’s highest rated bank on Trustpilot, today announces its plan to move its UK HQ from The Rivergreen Centre in Durham to The Pattern Shop in Newcastle.

The multi-million pound office investment, which is subject to contract, comes following a period of strong growth and profitability for the digital bank.

A new chapter for Atom

The Pattern Shop, an iconic heritage building in Tyneside, was where industrial pioneer Robert Stephenson built steam locomotives in the 1800s for export around the world, heralding the birth of the railway and a key moment in the industrial revolution.

The building has been thoughtfully restored into a sustainable, low-carbon office space. This move aligns with Atom’s commitment to become fully carbon positive by 2035, a pledge that includes both operational and all financed emissions associated with its lending - the first UK bank to make this commitment.

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

The HQ move comes following a period of growth and success for the bank. Atom has recently been ranked the UK’s most trusted bank by customers on Trustpilot, and launched its popular Instant Saver Reward product, whilst at the same time consistently achieving high employee engagement scores.

As a proudly North-East based bank with a team of over 550 people, Atom will retain its links to Durham, including through the Atom Futures Fund, AMI Women in Technology Scholarships and its Memorandum of Understanding with Durham University. Atom plans to build on this in Newcastle and elsewhere, recognising the responsibility it has to its local communities.

Four-day week pioneer

Atom has consistently challenged traditional ways of working, since it became what was then the largest UK business, and first bank, to move to a four-day working week for all employees with no loss in salary, in November 2021. The shift has been an overwhelming success and has had a hugely positive impact on Atom as a great place to work. Recent data reveals a 65% reduction in attrition in the three years since its introduction, alongside a 9% increase in employee engagement to 81%².

This approach sets it apart from many established and challenger firms in the financial services sector, who are increasingly requiring more frequent or permanent office attendance, with 83% of UK CEOs expecting a full return to the office within three years¹.

Atom remains steadfast in its belief that the traditional five-day work week is becoming obsolete - a transition that will only accelerate as new technologies including AI play an increasingly important role in business. Atom’s approach to work takes account of longer working lives together with the need to live and work more sustainably. The Pattern Shop will create a unique, inspiring, and collaborative atmosphere. The significant investment is designed to create a hub for the firm to facilitate recruitment, onboarding, training and collaboration for its people across all areas of the business.

Mark Mullen, Chief Executive of Atom bank, 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 HQ can be. This isn’t just an office - it’s a symbol of who we are as a brand. Its deep roots in the North East industrial heritage mirrors our ambition to build on tradition with bold, modern thinking.”

“The move comes at an exciting time for the bank as we continue to grow. We’re now the UK’s most trusted bank on Trustpilot, delivering market leading products, whilst at the same time achieving industry-leading employee engagement. Other businesses may use the blunt instrument of ‘back to the office’ diktats but at Atom, as always, we look to do the right thing. Our move to the Pattern Shop and Newcastle reflects that.”

Leader of Newcastle City Council, Cllr Karen Kilgour, said:

“I’m delighted to welcome Atom bank who are bringing their national headquarters to Newcastle.”

“As one of the highest rated banks in the UK, set up in Durham, it is a great North East success story that I am sure will continue to thrive in our region.”

“Atom bank is a smart forward-thinking hi-tech company evidenced by its commitment to training young people, equipping them with the essential skills they need for the jobs of the future.”

“I am thrilled that they will be taking over The Pattern Shop which was a Grade II listed building we saved from dereliction with our partners igloo Regeneration and transformed into low carbon low energy office space. It’s a shining example of what can be achieved when a council invests capital spending in a vision, bringing over 500 jobs to the city that will provide a welcome boost to our economy.”

“I wish Atom bank every success and thank them for this huge vote of confidence in Newcastle.”

Senior Surveyor at Knight Frank, Nathan Douglas, said:

“It’s a coup for Founders Place and the city of Newcastle to welcome one of the region’s best known success stories.”

“The Pattern Shop’s strong ESG credentials align with Atom bank’s ambitious sustainability targets and the building’s inspiring aesthetic and features that promote wellbeing will support Atom’s pioneering approach to employee happiness and talent attraction and retention.”

Senior Director at JLL, Lee Conroy who represented Atom Bank, said:

“Atom bank’s decision to invest in The Pattern Shop is a multifaceted move that speaks volumes about the company’s trajectory as a challenger bank and the evolving landscape of digital banking. The Pattern Shop was chosen as it provides a unique blend of heritage and best in class office space aligned with Atom’s workplace strategy.”

ENDS

Notes to editors

¹KPMG 2024 CEO Outlook – UK

²To measure people engagement at Atom, we encourage our employees to complete the same survey on a frequent basis, on the following areas: whether people have the necessary tools and techniques, feel motivated by their role, have passion for their role and believe in creating a positive collaborative culture. We then collate, compare, and analyse the results to monitor changes and trends in employee engagement.

The data collated throughout the survey allows us to produce an ‘engagement score’. During the survey, our respondents are asked to provide 1 of 4 possible statements against each question, they are Strongly Disagree, Disagree, Agree, Strongly Agree. We then work closely with our in-house Data team to turn this data into a quantifiable score out of 100 which provides consistency across each survey. The questions asked throughout the survey are carefully chosen and closely align to Atom’s values. The most recent survey was in March 2024.

For Lansons

Sorcha Hornett, sorchah@lansons.com, 07712 805191

For Atom

Robbie Steel, robbie.steel@atombank.co.uk, 07538 775 701

About Atom bank

Atom bank is the UK’s highest rated bank on Trustpilot, on a mission to make the experience of borrowing and saving faster, simpler and better value than anyone else.

The bank launched operations in April 2016 as the UK’s first app based bank, and offers award-winning mortgages and savings through its app, alongside secured business lending for small and medium-sized enterprises.

Based in the North East of England with a team of over 550 people, Atom is here to ​​change banking for the good, for the better, and for everyone. This means focusing on customers’ needs, delivering better value than the incumbents, providing an exceptional app-based experience and offering award-winning customer support via phone, chat, email and social channels. The bank has some of the best customer service credentials in the UK, having achieved 5-star ratings on both the iOS and Android App Stores, and on Trustpilot, whilst consistently delivering Net Promoter Scores (NPS) in the high 80s.

Based in Durham, Atom is an engaged and active member of the North East Community. In 2022 Atom signed a five-year Memorandum of Understanding with Durham University to progress key research and diversity initiatives. The region has one of the highest levels of youth unemployment in the UK and Atom is passionate about addressing the critical digital skills gap and helping develop young people and other groups that are under-represented within the industry.

As of November 2021, all employees enjoy a four-day working week, after Atom became the largest company - and only bank - in Britain to introduce the policy for all employees, with no reduction in salary.

The Atom executive team are highly experienced, having built and run some of the most well-respected banks in the UK. CEO Mark Mullen has 30 years’ experience in the sector and was previously CEO at the multi- award-winning telephone and internet bank first direct. The team is supported by a strong non-exec board, chaired by Lee Rochford.