UK markets closed
  • FTSE 100

    7,044.03
    -266.34 (-3.64%)
     
  • FTSE 250

    22,537.89
    -742.07 (-3.19%)
     
  • AIM

    1,181.62
    -22.34 (-1.86%)
     
  • GBP/EUR

    1.1776
    -0.0103 (-0.87%)
     
  • GBP/USD

    1.3338
    +0.0018 (+0.14%)
     
  • BTC-GBP

    40,955.64
    -2,833.16 (-6.47%)
     
  • CMC Crypto 200

    1,365.60
    -89.82 (-6.17%)
     
  • S&P 500

    4,594.62
    -106.84 (-2.27%)
     
  • DOW

    34,899.34
    -905.04 (-2.53%)
     
  • CRUDE OIL

    68.15
    -10.24 (-13.06%)
     
  • GOLD FUTURES

    1,785.50
    +1.20 (+0.07%)
     
  • NIKKEI 225

    28,751.62
    -747.66 (-2.53%)
     
  • HANG SENG

    24,080.52
    -659.64 (-2.67%)
     
  • DAX

    15,257.04
    -660.94 (-4.15%)
     
  • CAC 40

    6,739.73
    -336.14 (-4.75%)
     

Fintech firm Mode backtracks after Boots and Ocado deny partnership

  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
Boots and Ocado have both denied any involvement with Mode (Matt Crossick/PA) (PA Wire)
Boots and Ocado have both denied any involvement with Mode (Matt Crossick/PA) (PA Wire)

Fintech company Mode has backtracked on an announcement detailing a partnership with a raft of major retailers including Boots and Ocado after they denied any involvement with the business.

The company has also now been warned it could face legal action over its initial claims.

London-listed Mode, which was founded by entrepreneur Jonathan Rowland, announced on Thursday that Boots and Ocado were among 40 retailers set to participate in its bitcoin cashback product.

We are reviewing our position with our legal team

Boots spokeswoman

Shares in Mode lifted by 15% after the update about the service which allows customers to use the digital currency for online purchases.

However, late on Thursday, Ocado, Boots and DIY retailer Homebase all denied involvement in the scheme despite being named.

In a new statement on Friday morning, Mode reaffirmed that it will launch the bitcoin cashback product next year with more than 40 retailers.

However, it added that “certain specific brands” referenced who had approved Mode to be used through intermediary affiliate platforms have “since withdrawn”.

Mr Rowland, who is chairman of the business, also tweeted to say he is “comfortable” with the announcement and that “some brands don’t want to be associated with crypto”.

However, Boots and Ocado have confirmed to the PA news agency that they have both never had a direct partnership with Mode.

A Boots spokeswoman said: “We are reviewing our position with our legal team, so will not comment further at this stage.”

An Ocado spokesman said: “Ocado has never had any affiliation with Mode, or any involvements with their announcement from November 18.”

Mode shares plunged by 14.9% to 34.05p on Friday morning.

Read More

Founder of tech firm where Cameron advised quits after sexual harassment claims

Ryanair to delist from London Stock Exchange next month over Brexit

Sales at B&Q owner Kingfisher slip as pandemic DIY boom loses pace

Nationwide profits soar as lender benefits from mortgage boom

Government borrowing falls but at slower rates, new data shows

Retail sales return to growth as shoppers start Christmas spending early

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting