At a time when other big British companies (Cable and Wireless, Land Securities) are deferring their demerger plans, Carphone Warehouse’s determination to start a review of the group’s structure ought to have come as a pleasant surprise. Analysts have long argued for – and media reports have long forecast – a split between Carphone’s retail interests (now part of a joint venture with Best Buy of the US) and its fixed-line telecoms business.

Unfortunately for investors, the demerger story came with two disappointing twists in the tail. Charles Dunstone, Carphone’s chief executive, can barely predict what will happen to the retail arm over the next six weeks, let alone in 2009, for which the outlook “remains very uncertain”, and he is adamant that the telecoms operation would not be sold.