tristan, whilst I can see why you're so pessimistic, I did a quick search and these plans seem to have been in the pipeline for 14 months or so.
The website (nexusairways.com) is a bit "mickey mouse" and they're initially going to do bookings by phone only. Perhaps that's why its such a popular concept - I mean BA must be raking in a small fortune off all those £15 fees people are paying
They also don't have an ATOL license. The suggestion is that they won't charge your credit card until the flight is ready to depart which presents cashflow issues for the airline and also will leave people stranded if they've spent all their money on holiday.....
Seriously though, I can only suspect the attraction to investors has been the exceptionally low overheads and the poor chap's probably offered too much equity in return. If it flies, he'll get nudged out by the investors, if it sinks, they probably haven't lost all that much...