Agreed - Globespan, Unijet and even Cooks (but their issues went far beyond the airline) plus many more I have had the pleasure or displeasure of working with over the years
However the Package IT market has changed significantly since Covid pushing people towards financially protected and one stop shop bookings. They have some pretty robust tech, a very strong product team with direct accommodation contracting throughout Europe, a known brand in the budget bucket and spade end of the market and very clever USP's (particularly around cancellations/amendments). Whilst I am not party to the exact information, I believe from previous conversations they have a Northern/Scottish tilt to their overall demographic too.
I am not doubting there are huge risks, but I do know that their ability to achieve their stated growth plans utilising solely third party carriers is going to be difficult