Nick,
Stelios was famously quoted last year saying "BHX or CVT, make me an offer I can't refuse", so I don't think this option can be ruled out.
BHX currently looking quite crowded with locos, and I don't think they'd squeeze into CVT's current IPF, but I wouldn't rule Easy out of this part of the world just because they have a base at EMA.
Consider EMA as EDI, BHX as GLA and CVT as PIK, and then think how many airlines are represented at at least two of the above three.
Not sure which is a bigger market though - I think there are more people in the Midlands than all of Scotland, but we don't tend to fly to London very often ;-)