Stelios deal over fastjet.com plan for Africa

EasyJet founder Sir Stelios Haji-Ioannou has entered a tie-up deal which could see his new brand fastjet.com used on a proposed “no frills” airline in Africa.

Stelios’s company, EasyGroup, will offer branding advice to investment firm Rubicon to help it explore the feasibility of launching the low-cost airline, which if accepted would see it take on exclusive rights to the fastjet.com brand.

EasyGroup, in exchange for its assistance, will take a 5 per cent stake in Rubicon, with an option to increase its stake to 10 per cent, and will also earn a royalty fee for ten years for the use of the fastjet.com brand. The proposals are subject to shareholder approval.

In September, Stelios wrote to EasyJet, in which he and his family hold a 37 per cent stake, to inform it that he intended to form a new airline as the ongoing spat between the two worsened.