EasyJet founder to launch new airline
EasyJet founder Sir Stelios Haji-Ioannou has revealed he is preparing to launch a new airline called FastJet.
The airline entrepreneur, who still holds a 38% stake in easyJet, has already set up a website, fastjet.com. However, the website only says: "Fastjet.com By Stelios. Coming soon! " and has been dismissed by some in the industry as a bluff.
It has not been revealed whether the new venture will be a low-fares carrier competing with easyJet or a medium, long-haul or premium airline.
EasyJet confirmed that it had received notice from Sir Stelios that he intends to set up a rival airline, but indicated it will fight the launch.
In a statement, the airline said: "EasyJet has a number of rights under its agreements with Sir Stelios and easyGroup IP Licensing Ltd (a subsidiary of easyGroup Holdings Limited) as described in the Circular to shareholders dated November 16 2010.
"To the extent that any activity of FastJet, Sir Stelios or any company controlled by him infringes or would infringe those rights, easyJet will take necessary action to protect the rights of easyJet and the interests of its shareholders.
"Sir Stelios also alleges that easyJet has breached the terms of the binding comfort letter between him and easyJet of 10 October 2010 and that that letter is no longer in force, claims which easyJet emphatically rejects.
"EasyJet continues to seek constructive dialogue with easyGroup and Sir Stelios."
Sir Stelios, his privately-owned company easyGroup and easyJet's board of directors have been locked in a bitter battle over the future strategy for easyJet for several months. Sir Stelios believes the airline should be trimming capacity but the airline's Board is planning for growth and buying new aircraft.
Until last week, Sir Stelios was threatening to call an extraordinary general meeting of easyJet's shareholders to oust one of the carrier's board members, Rigas Doganis, over his plans to expand the fleet. Sir Stelios backed down after the airline agreed to pay shareholders a dividend for the first time.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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