STOCK market turbulence has forced cable operator and major Hampshire employer Virgin Media to pause an £11 billion auction of the company.

Bosses of the Hook-based firm released a statement saying they were delaying a review of their strategic options to allow potential buyers to make plans in a more stable environment.

Virgin, which has Sir Richard Branson as its largest individual shareholder with 10.5 per cent, said there remained "strong ongoing interest" in a transaction.

Early bids had been expected this week before the stock market on both sides of the Atlantic - Virgin is listed in the US despite trading exclusively in the UK - underwent a series of dramatic falls and rises.

American private equity giant Carlyle made an indicative offer last month.

Meanwhile John Malone, the chairman of international cable operator Liberty Global, has also been linked with a possible offer as well as numerous private equity firms including Apax, Kohlberg Kravis Roberts, Permira and Providence Equity Partners.

Virgin Media said in a statement: "To enhance shareholder value, Virgin Media's financial advisors have recommended that Virgin Media extend the process until these parties can complete their proposals in a more stable debt market environment."

Virgin founder Sir Richard Branson is reportedly keen for a sale of the company, which was formed last year by a merger between Virgin Mobile and NTL Telewest.

Shares have come under pressure after a row over prices with rival BSkyB led to Sky's basic channels - and hit shows such as 24 - being withdrawn from the Virgin service at the end of February.