If my memory serves me correctly there were three offerings to replace the MR2-
First the ill fated MRA 4
Second was a Loral bid using Orion 2000 new build P-3s
Last was a GEC/Marconi bid utilising refurbished P-3 airframes
The Marconi bid had massive UK input in terms of the sensors and UK PLC would have made a lot of money. Unfortunately, the BWoS Nimrod appeared to be more British but wasn't.
The wish at EGQK at the time was for the GEC solution even given our affection for the MR2 airframe.
Regards from a country with LRMP assets