Easybus flotation 'to be delayed'

EasyJet founder Stelios Haji-Ioannou has decided to hold back a flotation of low-cost travel business easyBus, it was reported today.

The Greek-Cypriot billionaire, best known for founding easyJet, is to delay a public listing until at least 2012 despite making a profit for the first time last year, the Sunday Telegraph said.

Sir Stelios said he was in “no hurry to float” the business and would prefer to grow profits and cashflow before considering a public listing.

It was previously reported that easyBus plans to expand across Europe as part of a multimillion-pound strategy.

But it was also understood that the plans – which would involve piggy-backing on routes flown by easyJet – would have been funded by a potential stock market listing.

EasyBus made a profit before tax of £881,961 in the year to September 2010, according to accounts soon to be filed at Companies House.

EasyBus was established in 2003, with a service between London and Milton Keynes, using Hendon Central underground station in north London as its terminus point in the capital.

Today the company promotes itself as the “probably the cheapest and most convenient way of getting” to and from London, from Gatwick, Stansted and Luton airports.

The company has transported more than 2.5 million customers since the service began.