It's more than likely the diverter actuator that's failed - that's the little motor on top of the valve. Sometimes it's the valve failed but that's comparitively rare.
Make sure you get the correct spare, there's at least 4 different valves for this boiler depending on its age. Check to see if the motor has 3 wires or 5.
This job should really be done by an engineer because it does involve 240v connections.
Bunslinger, April 2009