Such an operator cannot exist on the back of one base; not an isolated island with a population of 100k;
So how about Lyddair solely serving the Lydd/Le Touquet route?
How about ISC Skybus serving Isles of Scilly?
How about the helichopper mob queuing up to serve the PZE/ISC & Tesco routes?
Brymon, solely serving PLH & NQY, might still be going had Bill Bryce not gone for very expensive and brand new DHC7's.
People say that Air Wales might still be going had they stuck with Do228's and stayed away from ATR42's.
I'm not suggesting that an airline can survive solely serving IOM, Manx was owned by 'Airlines of Britain' that included British Midland, Loganair & London City Airways before BA bought it purely to rape it of it's LHR slots.
But there is a place there for a UK & Ireland puddle jumper airline, never mind operating A320's or B737's to compete with the big boys who will soon buy you out or put you out o0f business, Go, Buzz, BMI Baby, to name but three all tried that, who is there to compete with and/or buy out a puddle jumper operation?