easyEverything up for sale

Stelios says adios to half his chain...

Easy empire tycoon Stelios Haji-Ioannou is putting half his internet cafés up for sale. The decision was made when the original investors refused to convert their stake into shares, opting for cash instead. Stelios has put another £15m into the chain. Half the stores are up for sale to franchisees. Only London, Paris, New York and Amsterdam will be kept. Company spokesman James Rotheney said cutting back on stores in Barcelona, Berlin, Brussels, Madrid, Munich and Rome will give them economies of scale. The plan is to find local entrepreneurs to run the stores. Asked what the company will do with the additional £15m in funding he said: "We'll tell you when we've spent it."