Believe the demise started some years back. Ambitious CEO and directors at the time thought they could become a major player, went public to raise cash and bought jets they could never fill and cost much more to operate. Left them with a fleet of new jets on order that they had try and offload as they couldn’t use them and took a hit. Then they repeatedly re- branded which meant costly redesigns and repainting of aircraft etc. Don’t think the 3 “saviours”, Virgin,Stobart and the hedge fund really knew what they wanted to do and had conflicting ideas of the future strategy. Probably also thought there was a quick quid to make in disposing of some assets and rationalisation. In the end the top dogs over the years have got to walk away with the bonus etc intact and go on to wreck their next victim and the workers are left to worry about meeting the bills. Lesson should have been learn from what was successful and stick to it with occasional refinements. Bewick you no doubt remember how someone came in, promised the world, and then after you left went on to wreck your and other successful companies because they thought they knew best and had thoughts of big £ signs and payouts.