By Jean Christou
EASYJET tycoon Stelios Haji-Ioannou said yesterday he had no immediate plans to bring the low-cost airline to Cyprus, but said he was hoping to franchise his easyInternetCafe and easyCar brands on the island within the next six months.
Speaking at a lunch organised by the Chamber of Commerce (KEVE) in Nicosia, Haji-Ioannou, the Greek-born son of Cypriot parents, reportedly worth close to three quarters of a billion dollars, said that for the next 12 months at least he was not looking at the Cyprus market for his low-cost airline.
“For the time being, easyJet is not considering entering the Cyprus market for three reasons,” Haji-Ioannou said, mentioning the takeover of British Airways’ low-cost airline GO and also of BA Deutsche, a subsidiary of British Airways in Germany.
“And the pressures of buying 120 new Airbuses means that we can’t for the time being enter the Cyprus market,” he added. “For the time being, and for at least next year, we are not going to expand into the Cyprus market, but after that who knows? With 164 planes you gotta fly somewhere.”
However, Haji-Ioannou said that two of his other brands from the easyGroup would be entering the local market.
“I believe that a business crossing borders costs money, so you have to find a way to do it without costing extra money and I think the answer is franchise, so I’m not saying I’m not going to invest (in Cyprus),” he said.
“It took me a while to figure it out, but the way to invest is through franchising because you’re combining local expertise and know-how with a formula delivered from abroad.”
He added that the group was actively looking for franchisees on the island and hoped to have them up and running within months.
“We are more ready with the Internet café and I believe if all goes well it will be ready in six months.”
Haji-Ioannou has attempted to bring his business to Cyprus in the past, but ran up against red tape when his shipping company Stelmar sought a listing on the Cyprus Stock Exchange (CSE).
He pulled out in disgust when the government delayed establishing criteria for the listing of shipping firms. Stelmar was last year listed on the New York Stock Exchange and was one of the few companies to make a profit last year, despite the September 11 terrorist attacks on the US.
