Yell flotation is off

Alright then, "FLOTATION IS OFF"...

Alright then, "FLOTATION IS OFF"...

The flotation of online directory service Yell has been called off. It had been hoped the flotation, expected to raise around £2bn, was going to signal a major return for the new economy, but current market conditions have forced a rethink on the part of its owners, Hicks Muse Tate & Furst and Apax Partners & Co, who bought the service from BT last year. The Yell flotation was expected to be launched sometime in the next week, with the application period for shares closing on 3 July. A date for a rescheduled flotation has not been announced. DIY firm Focus Wickes has also shelved its IPO, expected to raise around £1bn. However, clothing retailer Burberry is continuing with its own flotation.