EasyJet founder’s family sells small stake in airline

The family of the founder of British airline EasyJet sold a small stake in the company, a regulatory filing showed on Thursday, reducing the Haji-Ioannou family’s holding to 25.3 per cent from 26.7 per cent.

Stelios Haji-Ioannou founded easyJet in 1995, and along with family members remains its biggest shareholder, although their holding has reduced from around 34 per cent last year due to a share sale and after a placing by the airline.

During the pandemic, Haji-Ioannou criticised easyJet’s strategy, calling on it to scrap a large order for new Airbus jets.

Shares in EasyJet traded at 989 pence on Thursday morning. They remain well below their pre-pandemic level of around 1,500 pence, but they have risen 19 per cent in the year to date in hopes for a recovery in air travel.

Earlier this month, EasyJet said it’s ready to ramp up its summer flight schedules.

But the budget airline says late announcements of travel rules mean it’s hard to make firm plans.

The company said Thursday (May 20) that it expects to operate about 15 per cent of pre-crisis capacity in the current quarter.

It will then return furloughed crews for an anticipated summer surge.

EasyJet says it can quickly bring back up to 90 per cent of its fleet if there is demand.

The outlook came as the carrier reported a widening loss.

EasyJet’s pretax deficit jumped to $990 million over the six months to the end of March.

Revenue fell 90 per cent as passenger numbers tumbled by a similar amount.

Underlining the summer doubts, the company would give no firm outlook for the coming quarter.

But Chief Executive Johan Lundgren says there is pent-up demand.

EasyJet saw bookings to Portugal surge after the UK lifted travel restrictions.

Its shares fell over 2.5 per cent in early trade Thursday.