Air Wales ceased operating in 2006 but as the linked report says had abandoned their Swansea routes in 2004.
I'm not usually much bothered about airline liveries but I did think Air Wales's ATR42 colour scheme very striking - striking in its relative simplicity. Living on the southern edge of Bristol I often saw the Red Dragon tails glinting in the sunlight on bright summer evenings as aircraft headed towards Weston-super-Mare on their approach to CWL.
Once or twice in the very early 'noughties' a Concorde inbound from the USA to Heathrow could be seen at the same time having flown up the Bristol Channel. It presented something of a contrast with the ATR42. On such evenings my wife wondered at my sudden interest in gardening but quickly cottoned on as she watched me looking skywards most of the time.
It was a great pity that Air Wales disappeared. Probably too small an operation in today's cut-throat airline business.