The highest price ever paid for a .co.uk internet domain name has been recorded after “recycle.co.uk” went under the hammer for £150,000 ($317,000). The sale, announced yesterday, breaks the record of £110,000 which was paid by J Sainsbury for taste.co.uk in 1997.

The domain name was bought by ASAP Ventures, a venture capital company, which plans to use the name to launch a company providing UK consumers with information on recycling.