FFB have never had any aircraft and I don't think had an AOC.
There was a lot of talk in Welsh aviation at the time of how things were progressing, routes and a/c types had been discussed, they were (possibly still are) a registered business and even recruitment had started. But the market went to pot and the people involved went on to do other things, but are said to still be well in the loop.
WW's setup is the ideal setup to what FFB wanted. FFB were going to be a startup basing in CWL at first, which some (most) would argue is a risk in itself. However WW are a ready made airline. With new ideas and structure could be moulded into what FFB wanted.
I would like to think the idea of FFB isn't that far off the mark. But anything is possible. The whole article could just be speculation blown out of proportion.