Operating a standalone Company on a different AOC with separate crewing, ops departments and all the other paraphernalia surely cannot be successful.
Very successful actually, although poorly paid, its called B.A. Cityflyer. If one cuts cost to the bone it is not pretty but it can be used keep the BA group flag flying.
For the BMI guys and new entants to BA Lite (there will never be any further recruitment to BA Mainline, just stagnation)
Ref: BA Cityflyer.