more sense in just setting up a new airlines and starting from scratch.
However if you buy an established carrier, hopefully your buying with it their customer base. Unless you really pee them off, they'll stay with the new carrier. Passengers logging onto the previous airlines website and being transferred to FlyBE's, using established booking methods, still cashing in on the brand awareness of the bought airline etc.
Is the FlyBE brand known enough across Europe to open new bases, and not have to spend an absolute fortune on advertising?? And then have to potentially complete on routes with the carrier established...