Yell divi freeze in debt struggle

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There have been growing fears that the classified directories business is close to breaching its banking covenants as it struggles to manage a near-£4 billion debt pile. It has already asked its banks to alter the terms of the debts.

Today it said that, "in order to achieve an appropriate level of flexibility for the business", it is halting dividend payments to conserve cash. It wants to cut its debts to less than four times profits "as rapidly as it may".

Yell was spun off from BT for £2 billion in 2001 to several private-equity houses. It was floated in 2003 at 285p a share, leaping to 643p in February 2007, when it was valued at £5 billion. Today the shares added 6 ¾ to 97 ¾p.

Chief executive John Condron has sold £20 million of shares since the float. He insists Yell's business model is viable.