Not if the sole criteria is being on an Independent Record Label, which was the original definition.
I know that, Pedantic Man, but you have to realize that nobody uses that definition of "indie rock" outside of some people who, like you, live in the UK. The two definitions people use in a global sense now are:
1. Some vague stylistic definition that broadly has something to do with being smarter than other "rock" bands - everything from Pavement to Sonic Youth. Sonic Youth has not been on an independant label for 17 years, but most people who aren't being pedantic twits would broadly categorize them as "indie rock", or at least, "parents of indie rock".
2. Some arbitrary ethical definition that broadly has something to do with being more "real" than other "rock" bands - everything from Bright Eyes to the Mountain Goats.
Now, both of those definitions are also useless, but are at least marginally more useful than calling everything on an indie label "indie rock", which results in lumping Acid Mothers Temple and Belle and Sebastian together. While I enjoy both of those bands, I think it's a lot more specific and useful to call the former "psychedelic rock" and the latter "indie pop" rather than calling either of them "indie rock". OK?
To quote the melancholy rhino:
"There's two ways of discussing 'indie' - one generic/categoric/analytic, an attempt at objectivity, the other judgmental/personal/anecdotal, an application of attitude that subsumes both aesthetics and economics - and there's no obvious way of separating them out.
The generic bit is easily enough determined. It's generally agreed that indie starts with Nirvana - there was plenty of music around before 1991 that didn't fit into the mainstream and was put out on independent labels or white labels and had a cult following, but it was called underground in the 70's, post-punk in the 80's, and alternative thereafter, and it wasn't until ‘Never Mind’ went supernova that the word 'indie' started to be used by the mainstream media to tag something that had previously been ignored. Its usage differed subtly in the UK and the States, in that UK indie emerged as a reaction to the commodification of Britpop (Oasis - believe it or not - were seminal once) and has been personnified by a distinctively non-metropolitan (ie proudly detached from the London club scene) sound, like that of groups such as Super Furry Animals, Gorky's Zygotic Mynci, and Manic Street Preachers, from Wales, and Mogwai, Arab Strap, the Delgados, and Belle and Sebastian, from Glasgow, being less rock-centric, in general, than its US manifestation - 'indie rock' - which some say evolved out of the different styles of just three highly influential bands: Sebadoh (lo-fi aesthetic - big on enthusiasm, small on technical proficiency), Pavement (quirkier, art-damaged, self-referential, musically diverse), and Superchunk (punky - guitars, more guitars, and very loud drums).
But this is the sort of contentious lippy stuff that barstool musicologists will contentedly blab on about til the cows come home and still no-one will be any the wiser. Can Radiohead still be thought of as indie despite being signed to a major? Is Sigur R?s selling its soul to EMI, or are they just ensuring a vastly wider audience than ever they could have achieved via the resources available to Bad Taste or Fat Cat? Does this sort of thing matter except as a major source of procrastination at exam revision time?"