This situation is not restricted to the UK. In Germany through the 1990s and 2000s, several small cities predominantly in the former GDR suffered the closure of their military airbase and tried to turn it into a gold mine by restoring the runway and building a new terminal. This usually was with the clear intent of attracting of all airlines Ryanair.
Thus, hubs like Neubrandenburg, Schwerin-Parchim, Cochstedt, Altenburg-Nobitz etc. were created. Ryanair indeed came and flew from some of those fields for a few years. The history of all those fields is comparable: sooner or later, the communities found out that the traffic created was not appropriate to the incentives paid (for example, not related to FR: Schwerin-Parchim cost the state 36 million Euros since 1994 and served 4600 passengers in 2005 and apparently none in 2013) and no longer caved in to FRs demand. So FR did what it always does in such a situation: it left for greener pastures.
And now there are several beautifully restored airports that see the occasional charter flight and some general aviation traffic. Attempts to diversify and to attract cargo traffic are occasionally made, but I have not yet heard of the break through at either of those fields. Worth the money? I doubt it.