as stu says it isn't as straight forward as cybersquatting this applies mainly to TLD's i.e. .com .net

.co.uk has a whole bunch of different rules

check out

http://www.nominet.org.uk/DisputeRes...n/AboutTheDrs/

there gonna have to pay at least £750 plus VAT so you could offer it to then for £600 depends how much cash they wanna risk fighting for it...