My belief is that Mr Stoddart has woefully misread the market.
No loyalty scheme, affiliation, constant delays and base changes, lies about having already sold tickets (name 1 person Mr Pelt), 30+ year old aircraft etc etc etc.
One or two maybe, but when added up this doesnt bode well.
Besides, with so few aircraft all you need is one breakdown and the whole day's schedule ist kapputt!!!