The BHD-IOM-LCY was a way of Jack Walker putting one across the bows of Manx for stealing the SOU-JER from under their noses. By all accounts Manx chucked a high throwaway bid in and didn't expect to win.
I doubt the IOM-LCY part ever made a profit but but it did steal some cream from the IOM-LHR that hurt.
If the Island ever wants to maintain a decent frequency for business travel, they really are going to have to start their own airline. The damage of Open Skies was foretold and has come to pass.