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Very sorry to hear about Bristol's sad news. I have no doubt that Bristol will be able to make up for this in different ways with more new routes elswwhere.
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Bristol will just attract even more LOW COST airlines.
Bristol has had its peak and with CO pulling out that leaves only AIR FRANCE/KLM & SN with the rest all being made of LOW COST airlines.
Perhaps the airport should do some deals with some of the other prestige airlines to make it more attractive for these airlines to come in.
In the long run the airport would get the money back through Parking retail etc.