EasyGym will launch with two sites, one in Slough, Berkshire, and one in Wood Green, London, with the intention of launching more sites later this year and then 10 clubs a year from 2012.
Sir Stelios aims to start signing up members from mid-April, .
The business will continue the Easy brand’s "value" image and operate a pay-as-you-go payment system. EasyGym fees will start at £15 a month, with no fixed annual contracts.
It is understood that the gyms will be decorated with the bright orange Easy brand colour.
Sir Stelios said: "As a gym user, admittedly perhaps 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.
"Together with Fore Fitness and their investors, we will aim to offer value for money in this sector. My own resolution following this deal is to go to the gym at least three to four times per week."
As a value offering, the no-frills gyms are not expected to have saunas or swimming pools.
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