UKIA haven't gone tits up at all, but instead are totally re-organising their business model to better suit the markets that they serve, and the management team believe it's not possible to do this whilst also maintaining the current timetable
Im no aviation management expert but, what sort of NEW establishment starts up, not offering the needs to suit the market they serve???
Was there no research, or fore thought. Seems they started with a pot luck theory thats not worked out.