Two UK firms abandon flotation plans

Directories business Yell and DIY chain Focus Wickes have both abandoned plans to float because of rocky stock market conditions, it emerged today.

In a statement Yell said it had decided to withdraw the plans ‘‘in light of poor equity market conditions’’.

Focus Wickes said it was postponing its float ‘‘in the light of adverse market conditions’’.

The moves follow a torrid time on the stock market last week, which slumped following the WorldCom accounting scandal.