Former Chase UK boss swoops on Atom Bank stake
Sky Recordsdata has learnt that Lexham Companions, which change into established this year by the Hambro Perks co-founder Dominic Perks, is negotiating the acquisition of a multimillion pound shareholding in Atom Financial institution from a series of its existing investors.
Metropolis sources mentioned that Lee Rochford, the lender’s chairman, had notified investors in regards to the idea in a memo in recent days.
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If performed, this can stare Sanjiv Somani, who played a extreme role within the originate and mercurial teach of Poke UK, the digital monetary institution owned by JP Morgan, situation up the stake in his ability as a partner at Lexham, in step with sources.
Mr Somani change into furthermore instrumental in JP Morgan’s £700m aquire of Nutmeg, the investment platform, in 2021.
The deal would add Lexham to a share register at Atom Financial institution which accommodates BBVA, the Spanish banking huge, and Toscafund.
One source mentioned Lexham would luxuriate in £3.5m-price of stock at a valuation of 40p-per-share, equivalent to about £400m.
Per Lee Rochford, Atom’s chair, the price is the an analogous as the closing main capital-elevate performed a year ago.
Alternatively, one monetary institution analyst identified that it change into decrease than half of the price at which it raised capital in 2015.
“In gentle of solutions beforehand got from shareholders, in particular early-stage, minority shareholders just in regards to the ability to liquidate all or a number of of the shares held by them, the board has agreed to talk and facilitate the offer to qualifying shareholders nonetheless please utter that neither the company nor the Board contrivance any advice relating to the offer,” Mr Rochford mentioned in his memo.
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Atom Financial institution change into launched within the aftermath of the monetary disaster, nonetheless has did now not construct the an analogous construct of teach trajectory as competitors such as Monzo and Starling Financial institution.
In 2021, it started allowing workers to work a four-day week, changing into indubitably one of the essential supreme UK corporations to embark on such a radical shift in its working practices.
The corporate has consistently described its funding rounds to investors as the closing earlier than a seemingly preliminary public providing, even supposing a flotation is now no more seemingly to seize situation for a minimum of a year.
Atom and Lexham dangle both been contacted for commentary.