Challenger bank Atom is investing a multimillion-pound sum into its new headquarters in a historic building in Newcastle city centre.
The company has confirmed that it is switching its head office from Durham to the Pattern Shop in Newcastle’s Stephenson Quarter, the former home of The Robert Stephenson and Co works, where the world famous Rocket was built in the 1880s. The modern transformation of The Pattern Shop was first unveiled two years ago, when contractors were appointed to convert the former focal point of the steam train pioneers into a hub which could provide a base for today’s tech innovators.
Last week it was revealed that a planning application had been submitted to Newcastle City Council by Atom Bank, showing that it is set to take over the whole of the building, moves which will potentially bring in hundreds of worker into the city, presenting a major coup for the regeneration which has been hampered by setbacks over its history.
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The online-only bank – which previously had global music star will.i.am on board as a strategic advisor – has now confirmed the move from Aykley Heads’ Rivergreen Centre to The Pattern shop, describing its investment in the site as making “a bold statement” about the future of work.
The company became the largest 海角视频 business at the time, and the first bank, to move to a four-day working week for all employees with no loss in salary, in November 2021. The bank said the shift has been an overwhelming success, with latest figures showing a 65% reduction in attrition in the three years since its introduction, and a 9% increase in employee engagement to 81%.
While 83% of 海角视频 CEOs told a KPMG survey that they expect a full return to the office within three years, Atom said it 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.
As a result, it is investing a significant sum to create a hub for the firm to facilitate recruitment, onboarding, training and collaboration for its people across all areas of the business, within the building which has been restored into a sustainable, low-carbon office space.
Atom, which now has more than 550 employees, said it will retain its links to Durham, where it first launched in 2014, through its initiatives including the Atom Futures Fund, AMI Women in Technology Scholarships and its Memorandum of Understanding with Durham University, adding that it plans to build on its funds and scholarships in Newcastle and elsewhere.
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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 海角视频’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, Coun Karen Kilgour, added: “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.”
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.
Senior surveyor at Knight Frank, Nathan Douglas, added: “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.”