There are a number of operators that are interested in Gatwick which probably stands the best chance of really competing with Heathrow, especially if it is allowed to build a second runway after 2019. They include German and American companies and also Manchester Airports Group (MAG), which operates four regional airports and is owned by Manchester City Council.

The airports MAG already operates are similar to Gatwick in terms of the flights and airlines and it is the largest UK owned airport operator and consequently it would be a strong contender. Some commentators are nervous about placing a major London airport back into the hands of the public sector but Manchester has a good track record largely because it was forced to compete with Liverpool airport when it became privately owned in 1997.

Customer satisfaction and levels of service, especially the record for flights leaving on time, are all high at Manchester and have been for some considerable period of time. The sticking point for MAG would probably be money. Buying Gatwick would be beyond their current financial means and they would have to either borrow from a bank (tricky under current circumstances) or team up with one of the wealth funds.

It is also difficult to value Gatwick with the current uncertainty about a second runway and possible expansion at Heathrow but in any event, its days of being operated by BAA appear to be numbered.