I'm not sure many folks really have a clue what they're talking about here. Sure the a/c has had MX issues, but nothing that has cancelled a flight - OK, one op was 24 hours late, but that could happen to any airline from time to time with the AOG spares needed a few hours away, and I believe part of that delay was down to crew hours in that by the time the a/c was servicable the crew could not operate. IIRC one round trip was cancelled when they had the financial issues a few weeks ago, and one op was cancelled due low loads the following week, but isn't that about all? The 762 UKIA have been using seems to be capable of managing EMA-SHJ-ISB quite well, and the relaxed schedule they've run so far has plenty of down time at EMA for defect rectification (which would have been more of a concern had the a/c been operating 24/7). At the prices they're charging, is interior refurbishment or the latest IFE really an issue? And, in terms of passenger numbers, things seem to have been on the up - some loads have been low but the launch came at fairly short notice, the cancelled Christmas day flight was booked full as was the return, and the next few flights had they been operated were full too. Where's the failed business model in all of that?
There are some specific reasons why UKIA are not operating at present, but they aren't related to the business model. Whether UKIA can resolve their issues and resume ops after a break of several weeks remains to be seen, but as long as they treat their staff fairly and are responding to a market demand (which increasingly seems to be the case) then I have no axe to grind with them.