Would the MaxJet 767-200ERs offer any better reliability? They are almost as old as the UKIA planes, but they would cut out the tech stop at SHJ.
Perhaps this market is not for a UK based carrier. A mini-Emirates based at Sharjah, using smaller wide bodies, flying to EMA, Leeds, Doncaster and hubbing at SHJ with flights to several cities in India/Pakistan will always do better than an airline flying from one UK port to one Pakistan city.