Coventry Airport is 15 miles (Or less!) from Birmingham airport - I'd say that's competition.
And the catchment itself is reasonable - Coventry is over 300,000 with a conurbation approaching 500,000 - and it's also close to the wealthy Warwickshire towns of Warwick/Leamington/Stratford. And South/East Brum & Solihull are a short distance away. Places like Northampton and Rugby are close by as well.
Quite a large catchment, and formidable competition.