The only case I can remember where an aircraft had to divert to its nearest airport that happened to be Luton was when a British Midland aircraft possibly a 737 had double engine problems after take off from East Midlands Airport. I think some seals were missing after maintenance work spilling oil everywhere but that was year later.
737 losing two engines; that must have been an interesting, not so say lucky arrival!!!
Typo methinks, one of their three IT configured 707s I guess.