The founder of cheap-seats airline easyJet is considering taking the firm private, it has been claimed.
Stelios Haji-Ioannou was last week reported to be considering borrowing money to fund a £650m takeover of the airline he founded in 1995. Although no firm decision has been made, the serial entrepreneur was said to be considering the takeover of easyJet after becoming alarmed at a sharp fall in its share price since 2002.
The Stansted-based carrier's shares plunged last month after it warned that 2004 pre-tax profits were likely to be below earlier market forecasts.
EasyJet said its long-running price war with Irish rival Ryanair and rising fuel costs were partly to blame. Mr Haji-Ioannou founded the airline in 1995. In 2002, however, he stood down as chairman, and sold off a vast chunk of his shares to fund other new business ventures.
But his family still owns around 41 per cent of the company's share capital. An easyGroup spokesman said the company would not be commenting on the reports.
Published Monday July 19, 2004
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