757Rated, I suspect they may have somone willing to back them AFTER they have the AOC. The issues with the Operating Licence will depend on how much the CAA CPG deem is the correct amount of capital required, bearing in mind they are planning a start running into the three worst months of the year, namely January, February and March. Bearing mind the average yields available at that time of the year, they would need to be planning on losing in the region of £1M per month. I seem to recall GO's figure for year 1 was in the region of £12M loss, and that was starting in May!
I wish them well today. If the flight is airborne, then there is every chance the AOC is in the bag. the CAA are not prone to carrying out proving flight inspections without some certainty of passing.
With respect to the Ad in Flight it is either another attempt by Blue Fox to get going or
this Venture .