The founder of easyJet, Sir Stelios Haji-Ioannou, has revealed that he is to look into the possibility of setting up a new, no-frills airline for Africa.
The entrepreneur, who ushered in an era of low-cost air travel in Europe with easyJet and remains the airline's largest shareholder, has announced he is to work with Rubicon Diversified Investments, which is planning to appoint senior executives from the African conglomerate Lonhro to its board, to study the feasibility of setting up the venture.
“I am looking forward to being part of this new venture to bring low-cost air travel to the people of Africa,” Sir Stelios said. “Africa must now represent the final frontier of this aviation revolution which started in the US in the Seventies and which I was proud to have led in Europe in the Nineties.”
Under the plans, which need to be approved by Rubicon shareholders, Sir Stelios's easyGroup will become a five percent shareholder in Rubicon, with the option of taking its interest up by a further 10 percent. Subject to certain conditions, Rubicon will also pay royalties to use the Fastjet.com brand, the new low-cost airline that Sir Stelios announced in September he planned to set up.
At the time, easyJet, which last year signed an agreement with Sir Stelios preventing him from using “his own name or any derivation of it to brand any other airline” that flies to or from any European Economic Area county or Switzerland for five years, said that it would act to protect its rights under the deal. But Sir Stelios believes that easyJet has breached the agreement, something that is rejected by the airline. - The Independent