franchise agreement allowed CityFlyer Express to take advantage of the UK flag carrier's marketing clout, pricing power as well as its global distribution system (GDS) and worldwide sales force. The airline was again UK launch customer for the larger, 66-seat ATR 72, the first of which was delivered in October 1994. By the end of the 1995 financial year, CityFlyer served ten destinations. Ushering in the jet age CityFlyer Express acquired its first jet aircraft in March 1997 when it became the first UK-based airline to introduce the Avro RJ100. A second Avro RJ100 was acquired in May of that year. Three more were added in 1998 and a further two joined the fleet in 1999. (At the time, the airline also operated six ATR 42s, one of which was returned to its lessor in 1999, as well as five larger ATR 72s. Three additional ATR 72s were delivered in 1999. Eventually, these replaced the remaining ATR 42s.) By the turn of the millennium the company's jet fleet had expanded to 16 RJ100s. Selling out to British Airways With the franchise agreement due to end in 1999, CityFlyer Express was the second largest slot holder at Gatwick Airport (behind British Airways). It held 96 daily slots at Gatwick, employed 677 people and returned a pre-tax profit of £6.4mn on sales of £89.4mn. The airline's shareholders took the opportunity to realise their investment and put the airline up for sale. HSBC was appointed to handle the process, and approached a number of carriers about the sale. Of the airlines approached, both British Airways and Virgin Atlantic stated their interest to acquire the airline. At the time Virgin chairman Richard Branson attacked British Airways' intention to bid for CityFlyer Express by claiming publicly that it already had a "total monopoly" at Heathrow and now wanted a "total monopoly" at Gatwick as well, thereby undermining its rivals' ability to compete with it on a level playing field. Disregarding a publicly stated offer from Virgin Atlantic to purchase the company for £100mn, HSBC announced the sale of CityFlyer Express to Virgin's arch-rival British Airways for £75mn in November 1998. This immediately caused controversy, with Richard Branson stating that HSBC never responded to Virgin's offer despite numerous requests from Virgin. CityFlyer's management defended its decision to sell to British Airways by stating that it had never received Virgin's bid in the first place. This resulted