I thought that the Libra Group had sold the majority of their shareholding in Excel Airways to the Avion Group who own Air Atlanta Europe, Air Atlanta Icelandic & Islandsflug.
Libra then used the money they had made from selling out XLA, to purchase a shareholding in Helios, and turning this from a more charter airline to a scheduled outfit?
It makes sense to just have one charter airline in the UK, rather than two. Although, I've been told the 742 will be painted in "XL.com" colours rather than the usual excelairways scheme.