Now Stelios is eyeing up the coach market

Easybus aims to provide "intercity, point to point" minibus services, with prices varying according to demand.

A report in the Sunday Telegraph said Mr Haji-Ioannou is currently in talks with bus manufacturers and operators about buying a fleet of vehicles.

The service is expected to initially carry passengers between London and Birmingham at a cost of £1.

In a statement, the company said it expected to launch its service "in the following months".

Easybus explained that by using minibuses its service would have "greater flexibility" in choosing its pick-up and drop off points.

Efficiency

The move will also allow the service to fill its vehicles more efficiently, and therefore keep down costs.

It added that bookings - as is usual for all Easygroup companies - will be made over the internet.

The service is expected to rival Stagecoach's Megabus which offers various routes - such as Dundee to Perth or Oxford to London for as little as £1.

In an interview with Channel 4 News on Sunday, Mr Haji-Ioannou will say: "I believe Easybus could become the Easyjet of the road."

He will add that the lack of competition means intercity coach market has "had it too good for too long" - much like the airline industry before Easyjet arrived on the scene.

This latest venture plan comes just six months after the launch of Easycinema.