Why would they advertise such relatively low minimums if they know the market is flooded with highly experienced pilots ?
1: To gauge the market? see who's out there. There are other UK airlines recruiting or about to, including Virgin and BA.
2: Many more experienced guys are heading off to the Middle/Far east where the money is significantly better and you are more likely to get a command inside of ten years. Very important to some.
3: The minimums will exclude the p2f tribe and the hordes from OAT/CTC etc so it can't be all bad. About time experienced guys got a look in after the last 18 months. Some of us depend on this business to live.
4: The difference between the minimum requirements and the experience levels of those actually taken on could and probably will be significant. All market driven as usual.