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Imperial is the Tanaka Business School, it's strengths are in Innovation, and you can work with the schools departments working on real life projects, it is based in London, and is a respected University.
Cranfield, is also strong in the UK/EU. It think it's strengths are in general management.
The biggest positive point of Imperial is its location. London is flooded with number of multinational companies and easy access to them does matter.
But Cranfield program is very nice one. The class is always enthu and full of energy. Cranfield has very nice program structure throughout the years. And the year is also full of sports and other fun events. One will really enjoy his time in Cranfield. Apart from that this schools also has excellent industry links. It has very good campus recruitment and Cranfield MBA is very much regarded in UK.
Overall both are definitely one of the good schools in UK.