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You weren't far off, IIRC LES in general makes a loss. I believe it was designed that way but I could be wrong.
EDIT: Found the comment from Anthony about it - http://lowendtalk.com/discussion/comment/603033/#Comment_603033
There we go, that was the comment I remembered.
Chargebacks won't be that much of a problem unless you accept UK paypal .
Yeah PayPal have really screwed UK providers now.
Coupled with the apparent UK DDoS attacks, there really is no incentive to host here anymore!
Via OVHs AS, as far as they told me BGP is only available for peering and if you buy transit (with colocation in FR, not offered anymore IIRC).