Your North East BusinessLive round-up: Bottlepay closes its app and Atom Bank recruits new chairman

Latest news from BusinessLive Read in browser by Tom Keighley Fri, May 26, 2023 BusinessLive Writer Bottlepay to close app, two years after Newcastle fintech firm's acquisition Newcastle Bitcoin specialist Bottlepay has revealed it is shutting down its app. The Byker-based fintech told users that i

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by Tom Keighley    Fri, May 26, 2023 BusinessLive Writer

Bottlepay to close app, two years after Newcastle fintech firm's acquisition Newcastle Bitcoin specialist Bottlepay has revealed it is shutting down its app.  The Byker-based fintech told users that its platform would close in July and that they should withdraw funds. It comes two years after the firm - founded by Partnerize entrepreneur Pete Cheyne - was acquired by a US crypto company in a $300m shares deal. An initial version of Bottlepay was closed at the end of 2019 when EU laws were announced to clamp down on how cryptocurrencies are used. It was then relaunched with a focus on helping people make small digital payments to firms in an economic way. Since then the firm has been feted as a stand-out among North East start-ups and its open payment network has caught the attention of fintech giants as it disrupted the digital economy. Read more here.

More North East business news Management buy-in positions engineers RWO Group for growth Clock is ticking for UK car making unless battery supply chain is urgently established, say experts Osbit launches base in Netherlands as global expansion plan ramps up Turntide Technologies named as preferred supplier for Hitachi intercity battery train trial Gateshead's Kitchens Plus sold out of administration to sister company saving 77 jobs North East business life: charity, community and award events

Atom Bank appoints former Virgin Money man Lee Rochford as chairman In the latest indicator that Durham's Atom Bank could be moving closer towards a long-awaited flotation, an experienced former Virgin Money boss has been recruited as chairman. Lee Rochford was chief financial officer at the neighbouring North East bank when it floated on the London Stock Exchange in 2014. He will replace current chair Bridget Rosewell, who will step down in September having been in position for five years. Mr Rochford's experience will undoubtedly be valuable to the digital bank which has long been expected to mount an IPO. The announcement of his appointment follows reports that Atom has been lining up a £100m fundraise in anticipation of such a move. When asked by BusinessLive last summer, Atom's chief customer officer Ed Twiddy said the long term plans remained unchanged but that owing to market turbulence, the time was not right. Has that now changed?  Read more here.

More news from across the BusinessLive network Chief executive of Starling Bank stepping down Boohoo CEO handed £650,000 bonus despite fashion giant making almost £91m loss Hilton gets seafood back on track after price pressure put brakes on profits Over £24m owed by loan provider Auden Group as it collapsed into administration with loss of almost 140 jobs Edinburgh Airport staff back strike action Pub owned by cricketers Stuart Broad and Harry Gurney reopening one year after big fire

'We need to earn the right to again be loud', says new CBI boss The CBI is mired in a sexual misconduct crisis but its new boss is determined to rebuild trust in the organisation. Speaking to BusinessLive's Graeme Whitfield this week, new director-general Rain Newton-Smith said staff members' stories were "harrowing" but wanted to rebuild the lobbying organisation as strong voice for business. An emergency meeting is scheduled for June 6 where the CBI will ask members to vote on its future following revelations that more than a dozen women who worked at the trade body have claimed they were sexually harassed by colleagues, with two claiming they were raped. Ms Newton-Smith insisted there was no alternative business organisation equipped like the CBI and that she wanted the body to play a role in the run up to next year's General Election. Read more about what she said here.

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