EasyJet founder Sir Stelios Haji-Ioannou today said he was seeking to raise up to £60 million by floating his discount hotel chain on London’s Alternative Investment Market.
The entrepreneur, who created the EasyHotel concept in 2004, said the proceeds from a placing with institutional and professional investors would be used to fund its expansion plans and repay debt.
EasyHotel has 20 sites – including one each in Edinburgh and Glasgow – of which 17 are franchised and two are wholly-owned freehold hotels, along with a long leasehold development site.
Stelios said: “EasyHotel is raising money to accelerate growth at a much faster rate than I could have grown it as a private company, whilst enabling me to spend more time on my diversified portfolio of other investments.
“I will retain a significant minority stake post IPO, and I am delighted to hand over to a strong board with a clear growth strategy to take this company forward to became one of the best known hotel brands in the world.”