Terrible news.
It sounds like MME management are desparately clinging on to the hope that BD will be back. Time to start looking for new links to the Capital, I think. They should be knocking the following doors NOW:
1) Aer Lingus - LGW (since they're just opening a base there...)
2) FlyBe - LGW
3) VLM - LCY
4) BA Cityflyer - LCY (worth a talk, at least...)
5) Eastern - LCY
3 per day to LGW with EI or BE might just work, provided the times are not as screwed up as what BD killed the route with. Maybe the A320 of EI is a bit too big given that the interline opportunities would not be as good at LGW as they were at LHR, but it is a nice (if a little deparate) thought.