Flybe did this once before when they took the huff with BHD management, and split their services between BHD and BFS. [I think it was when easyJet briefly operated from BHD, but I may be wrong and happy to stand corrected.] I can't see it working for them this time any better than it did last time.
Carry on replicating old ideas at this rate and they'll be flying Blackpool-Isle of Man-Belfast with a Shorts 360 again soon.