Around the time the original CityFlyer was up for sale (late 90’s) Mr B objected to BA buying them. There was speculation he wanted them with all the established routes but nothing came of it.
Let’s be honest. The majors (including VS) and the airports want international customers through their hubs ie Yanks (no offence intended) coming to Europe via Heathrow. Therefore they will only be interested in pax going to major EU destinations rather than a full short haul network including people traveling between EU destinations. That is more the realm of loco’s these days.
Therefore I don’t really see much opportunity for him to set up a regional airline unless he wants to start competing with the BA network and the loco’s. Sounds like more money down the drain to me.