Sir Stelios Haji-Ioannou, the charismatic founder of low cost airline easyJet, is at it again with plans to launch a rival carrier to his own flagship – FastJet.

Ioannou’s move follows accusations that the current management of easyJet of orchestrating a smear campaign against him.

The Greek entrepreneur has already set up a website for the venture which reads simply as “Fastjet.com by Stelios. Coming soon!”, it would be the first time the tycoon will have controlled an airline since departing easyJet 10 years ago.

To form the new company Ioannou must break the legal clauses signed at the time of his departure which barred him from using: “his own name or a derivation of it to brand any other airline which flies to or from any country in Europe for a period of five years".

Ioannou retains a 26% stake in easyJet.