Back in the days of Business Air, British aviation was a very different beast & operated in a different market. Certainly in the intervening years the tax regime for airline passengers has changed beyond recognition. The fleet they operated if I recall was Saab 340's.
A number of those routes which may have made sense back then would struggle to make money today, on a 340 let alone an E135/145.
I'm not saying these people couldn't make it work, but I can't see a return to the old days & old ways being a good model for the present day.
Either way, here's hoping for some news soon: all this uncertainty is no fun for the employees caught up in the current process.