Key facts
- Atom Bank's sale is close to collapse due to a lack of bids at the desired £600 million price.
- CEO Mark Mullen, who has led the bank for 12 years, may depart if the sale fails.
- Atom Bank implemented a four-day work week in 2021, reducing hours to 34 per week without a pay cut.
- The bank reported a pre-tax profit of £5.1 million for the year ending March 2025.
- Lee Rochford is slated to become the new Chairman, succeeding Bridget Rosewell in September.
Atom Bank's efforts to sell the company are reportedly close to collapse, as potential buyers have shown insufficient interest at the desired £600 million valuation. Private equity firm Pollen Street Capital made an offer below the asking price, and while Yorkshire Building Society and Leeds Building Society reportedly considered bids, overall interest has been tepid.
If the sale process fails, it could trigger a significant leadership change, with CEO Mark Mullen, who has led the digital-only bank for 12 years, potentially departing. Mullen has been a vocal advocate for the bank's four-day work week policy, implemented in 2021, which reduced staff hours to 34 per week without a pay cut. He has previously stated that the policy has led to improvements in wellbeing, productivity, and business metrics.
Atom Bank, founded in 2014, reported a pre-tax profit of £5.1 million for the year ending March 2025, with £7.5 billion in customer deposits and £4.2 billion in mortgage balances. The bank has also announced plans to move its headquarters from Durham to Newcastle. Separately, Lee Rochford is set to become the new Chairman of Atom Bank in September, replacing Bridget Rosewell.