Yes, he did. To quote Ian Fraser's blog, and give him full credit for everything said in the extract, now in the public domain;
A few inaccuracies in that blog. The B757 G-CEJM (ex-icelandair) leased from ILFC was not delivered until March 2007. Icelandair wet-leased 2 B757s to FGS in the summer of 2007. 767s leased from a variety of sources in 2006 and 2007.
21 airplanes and 70 destinations with in 5 years of starting operations (if the blog is correct on that account) would be a classic case of overexpansion, seen time and again in this business. And will be seen again.
Perhaps slower expansion, without trying to be all over the UK would have made more sense?