I like the idea a whoooooole lot. It's greatest fault is that it's only legible at a high resolution. A good logo is clear as day, even when teeny tiny.
Even the "GB" is getting lost in the details, and that's your bread and butter! Instead of relying on type for the cardinal directions, try symbols? Maybe something more subtle, like the old Northwest Airlines logo?
Additionally, I'd say maybe try out a few different color schemes? I can't say the dull blue and pink is doing much to catch my eye.
Like I said though, conceptually, it's a great start!