I believe it is getting a white paint job at Air Livery and is going back to the leasing company.
G-WWBM is already re-painted in white so I'm assuming it is G-WWBB that you can see if it is still in bmi livery.
Monarch looked into acquiring them, but the costs from ILFC (leasing company) were too high for them, plus the planes would need a big re-configuration. Latest rumour was that Sri Lankan might be in for them, but at the moment I don't think there is anything confirmed. Others may know better though.