I think the management of BM do have a plan, I just hope their financiers have enough steel to stick to it.
There is a profitable market in traffic between the UK Regions and Europe. The difficulties that BM will face are:
* Value - EZY turn up very quickly on any route that has potential, and they're certainly acting as the quasi-flag-carrier for any UK Regional - European traffic. BM will have to work out how to position themselves to protect against EZY swooping on successful routes and gutting them on price.
* Passenger volumes - too many people having Heathrow blindness, and just never think to fly from their local airport. There's a fundamental market change to engineer, to draw people out of LHR and back to regions. That's slow hard work.
BM have good service, punctuality and reliability, and a blossoming route network. Some codeshare work would help with volumes and enhance the value of the route network further.