Skipness, the flaw in what you say is that the other subsidiaries are all within the EU hence could if needed be shuffled around the network to cover. Comparing EZY isn’t like with like as EZY was itself UK based hence needed to re-register a substantial portion of the fleet elsewhere to maintain operations. FR have scale of UK-non EU at STN hence its cost-effective to have a UK registered and crewed operation. Same applies to EI at MAN. That isn’t the case at LPL for example where you have a handful of flights per week.