The story
The airline was formed by a management buyout of the former Maersk UK assets and renamed in late spring 2003. The airline relaunched services in October but a shortage of funds led to it suspending flights and entering administration on 1 May 2004.
The airline sought to provide a high quality of service at moderate prices, but faced a marketing challenge in explaining that it was not a low cost, no-frills carrier, and load factors took longer than expected to reach budgeted levels. Despite overwhelmingly positive reaction from passengers and an encouraging outlook, the airline had to close down when an investor withdrew support at short notice.
From Wikipedia’s article on Duo Airways, shared under CC BY-SA 4.0.3