Here is Owl’s theory:

https://eastdevonwatch.org/2019/04/04/flybe-leaving-or-not-on-a-jet-plane/

and, in today’s Sunday Times its Chief Executive says:

“… Flybe will be profitable [for Virgin] … It has established slots at Heathrow and hundreds in Manchester. What will the rebranded carrier be called? “Virgin Something”. We have not made up our mind”. …”

Source: Sunday Times business supplement, page 6

Round One to Owl!