The sale of Atom Bank, whose staff work a four-day week, is close to collapse after it failed to attract bids at the desired price of £600m. Pollen Street Capital made an offer below the asking price, while Yorkshire Building Society and Leeds Building Society reportedly considered bids but interest was otherwise tepid. A collapse could prompt a shake-up, potentially leading to the departure of chief executive Mark Mullen, who has led the digital-only challenger bank for 12 years. Atom Bank was valued at £350m in its latest funding round, down from £459m in 2022, and reported a pre-tax profit of £5.1m in the year to March 2025 with £7.5bn in customer deposits and £4.2bn in mortgage balances.
Sale collapsing after failing to attract £600m bids, with valuation declining from £459m to £350m.