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A former Virgin Cash finance chief has been picked as the subsequent chairman of Atom Financial institution because the digital lender heads in direction of a long-awaited inventory market itemizing.
Sky Information has learnt that Lee Rochford, who additionally ran the debt assortment group Arrow World Group, is being lined up because the successor to Bridget Rosewell.
One insider mentioned an announcement about Mr Rochford’s appointment was anticipated imminently.
His arrival will come as Atom works with advisers to lift as much as £150m in capital in what is predicted to be its remaining share sale earlier than an try and float.
The Durham-based firm is working with bankers at Jefferies on the fundraising.
The plans comply with a £30m money name final November which was funded by current buyers, BBVA, Toscafund and Infinity Funding Companions.
Mark Mullen, Atom’s chief government, mentioned final November that Atom had surpassed £4.5bn in retail deposits “having made waves with the pricing of our mounted and prompt savers, opening up a void between banks resembling Atom that pay a good return on financial savings and people which are merely unresponsive to the market”.
The appointment of Mr Rochford comes quickly after Atom additionally changed its finance chief, with Andrew Marshall changing David McCarthy.
Final yr, talks a few £700m merger involving a automobile arrange by Donald Trump’s former commerce secretary fell aside.
Atom had been in talks with a particular objective acquisition firm (SPAC) arrange by Wilbur Ross, the billionaire Wall Avenue financier.
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Mr Ross had been a backer of Virgin Cash, serving to it discover the monetary firepower to purchase Northern Rock after its nationalisation.
Established in 2014, Atom Financial institution has raised roughly £500m in fairness from buyers together with BBVA, Toscafund and the now-dissolved Woodford Funding Administration.
In 2021, it attracted headlines by turning into one of many first substantial employers to modify to a four-day week.
It mentioned the transfer, which included a discount in working hours from 37 to 34 with no influence on salaries, was designed to assist workers’ psychological and bodily wellbeing, in addition to to spice up productiveness.
Atom Financial institution declined to remark.
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