I think that's very much the point I had in mind. If you are an ATR skipper at an established UK airline, you'll leave to go to DHL, Jet2, BA or somewhere else - you are unlikely to trade away job security to join a new start-up in the same seat on an ATR. The ex-Flybe Q400 pilots are pretty much all working elsewhere now, so there's no pool there to tap. It probably explains why their job adverts are sounding rather desperate.
It's just very strange to have no Operating Licence application in and published by the CAA. The wheels of licensing don't start to turn until you make that application and pay the fees. It was mentioned that they had applied for Part-CAMO but you can do that without being an airline. To be an airline, you need an AOC and an Operating Licence as well. Oh, and you need some aircraft too!!