Hive off

If the Government believes that part of the railways' salvation is to be found in ridding them of extraneous concerns, it should have had the courage either to close the railway works down as quickly as possible, or to hive them off as an entirely separate concern, [...].

The plan involves banks hiving off bad assets and investors buying them at a discount on hopes of turning a profit over time.

Completed by the London & Southern [sic: South] Western Railway in 1898, the W&C was part of British Rail until hived off in 1994. It is physically isolated from the rest of the Underground.