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A small number of companies were not included in or did not actually disappear at the Grouping.
In most cases this was because they were 'Joint Lines', that is they were wholly owned by two or more other companies. If not all of the owning companies went into the same group then the joint company could not be grouped. Several of these had the word 'joint' in their title. Quite a number of joint lines did not operate any services, they owned the track, stations etc and the services were operated by the parent companies.
There were also a number of 'light' railways, and the companies that went to make up the 'London Passenger Transport Board', most narrow gauge lines, plus a (very) small number that simple got left out of the legislation
Quite a number of these were not Standard Gauge, they include some quite famous names.
The Big Four
There are also a number of heritage and private railways — see List of British heritage and private railways.