Serial entrepreneur Sir Stelios Haji-Ioannou announced plans to expand his empire with the launch of no-frills fitness club chain easyGym.

The easyGroup tycoon has teamed up with private equity-backed Fore Fitness for the start-up, which marks the first new business under the easy brand for four years.

Sir Stelios pledged to shake-up the industry with the launch of easyGym, offering conveniently located facilities at affordable prices.

Membership will cost around £15 a month and users will be able to sign up for monthly only contracts. The first easyGym is expected to open in around six months, with aims to launch across the UK and Europe.

Sir Stelios, who founded easyJet in 1995, said: "As a gym user - admittedly not as often as I should - I have noticed many inefficiencies in the system and believe there is a simpler and more efficient way to cater for the needs of the consumer."

He said the new venture would take advantage of cheap property prices to expand. It will also shun luxury offerings, such as swimming pools and saunas.

Fore Fitness, which is an offshoot of venture capital firm Fore Capital Partners, has arranged a brand licensing deal to use the easyGroup name for the business.