There is surely a point here that backfill to the previous frequency and capacity levels of Flybe will only result in the same outcome. The market has changed massively in the time that they have been out of the game, and if anyone (including new Flybe) think that six Q400s a day between SOU and MAN is needed to serve the demand today, they are in for a nasty shock.
The size of the market today is being determined by passenger demand and not by artificial constraints on capacity created by any perceived lack of seats on Flybe routes.
And given how much these people are apparently spending on consultants to set up the airline, I very much doubt it will be debt free either !!