Considering that Mr. Walsh isn't keen on the franchise arrangement, despite all of the hard work GB Airways has put in, I would imagine the airline will end up working as an independent airline with their own brand, own services on existing routes where they have the slots, and where they don't, BA will take over the most profitable of GB's route network. I can see a Monarch-esque airline being launched out of GB, serving routes alongside, or just out of the reach, of the no-frills airlines with a quality product.