In 1992 Richard sold Virgin Music to Thorn EMI and invested the proceeds into Virgin Atlantic, improving on an already great service. In the same year we launched the first super economy service that went on to become our award winning Premium Economy. We spent most of the Nineties buying new planes, expanding our route network and generally breaking new ground in passenger service, both on the ground and in the air. In 1999 Richard sold a 49% stake in the company to Singapore Airlines valuing us at a minimum of £1.225bn. In the same year, for services to entrepreneurship Richard received a knighthood.