easyBus to float?
27.06.10
Sir Stelios Haji-Ioannou, the founder of easyJet, could float easyBus, his airport shuttle business, on the AIM market next year the Financial Times reports. The entrepreneur, who is current embroiled in a bitter court battle with easyJet over the terms of a brand licensing agreement and is also in dispute with the budget airline's board over strategy, told the newspaper he is in the process of looking for an adviser to explore a flotation on Aim.
Founded in 2003, easyBus was initially a no-frills intercity coach service, with its first route from Hendon in north London to Milton Keynes, before turning its attention to airport shuttle services. It offers low cost links between central London and Luton, Gatwick and Stansted airports.
Abbreviated accounts filed with Companies House show the business made a cumulative loss of £3.1m in the 6 years to September 30 2009. However, Sir Stelios told the newspaper that the business is forecast to make a pre-tax profit of about £560,000 this year on revenue of £7.7m. He said: ‘We will go and raise more money then go buy more buses and replicate this.’
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