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Tech sell-off claims Yes TV listing

The UK video-on-demand operator has cancelled its planned flotation.

Adverse market conditions for technology stocks forced Yes Television to cancel its planned £560m flotation at the weekend. It will instead seek direct investment from media, telecoms and financial groups.

The UK video-on-demand operator announced its decision on Saturday, after the Techmark 100 – Britain's technology rich stock index – suffered its biggest ever percentage fall on Friday.

Steve Garvey, Yes TV's head of marketing, told the Financial Times: “We just got clobbered by the market. I would challenge anyone to get another high-technology flotation out there at the moment.”

Yes TV is already thought to have held discussions with cable operators including United Pan-Europe Communications, a European cable business, over a possible strategic investment.