Flybe still retain the 'business' customers because of their flight times, early flight out and late flight back which allows a day return and still a full days work. Easy don't have this.
Flybe also have the contract with the IOM government to fly medical passengers to and from Liverpool, this is guranteed traffic for them.
Very much doubt they would pull out all together, but I can see a trimming of flights, particularly late morning and early afternoon rotations.