It depends... the problem is that cheap power supplies which only have a single 6-pin connector are sometimes too weak on the +12V rail(s) to support cards that would need a 2nd connector anyway. I advise you to save more money and spend £10-15 more for a quality power supply. Cheaper brands are more prone to early failure, have shorter warranties, may not provide stable voltages when stressed and might damage connected components when they fail.
At absolute minimum, I would get one of these: http://www.amazon.co.uk/OCZ-OCZ-CXS500W-... http://www.argos.co.uk/static/Product/pa... But I'd rather have this: http://www.amazon.co.uk/Corsair-CMPSU-50... And I'd REALLY prefer one of these: http://www.amazon.co.uk/XFX-P1-550S-XXB9-PRO550W-Edition-Supply/dp/B004RJ8EKI/ref=sr_1_1?s=computers&ie=UTF8&qid=1344621415&sr=1-1 http://www.amazon.co.uk/Antec-Current-Gamer-Power-Supply/dp/B004AESY64/ref=sr_1_1?s=computers&ie=UTF8&qid=1344621490&sr=1-1 PSU quality rankings: http://www.eggxpert.com/forums/thread/323050.aspx.
Yes the molex to 6 pin splitter will work. The card itself uses 151W max at 100% load. Toss in a traditional system and the tally may reach 350W at most.
This suggests a 400W psu. Do you have the capability of Crossfire(two AMD GPU based gfx cards)? This PSU http://www.amazon.co.uk/OCZ-OCZ-ZS550W-U... is high quality enough in addition to being powerful enough to run 2 of those cards and the rest of the system.
Your 6870 needs a +12 Volt current rating of about 16A and that OCz has a +12 Volt current rating of 38 Amps. One needs to worry about power consumption as well as the amp rating so they don't "blow a fuse" due to the overload. Modern quality PSUs are equipped with overload protection among other self preservation features which that OCZ has.
It also has your 2x6pin(1x6pin and 1x6+2 pin) connections for your card. You don't want a PSU that is JUST enough or provides the power but not the amp rating or other roadblock. http://www.amazon.co.uk/Zalman-ZM400-ST-... is closer to your budget and is still higher quality with 1x6 and 1x6+2 PCIe power connections.
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