Under the 1993 Railways Act, the old British Rail was split up and sold off.
By November 1997, British Rail had been divested of all its operating railway functions.
The remaining functions of the British Railways Board are now discharged by
BRB (Residuary) Ltd. The company is owned by the Government and reports to the
Department for Transport (http://www.dft.gov.uk)
As a residuary body, the company is responsible for discharging a variety of
functions, including obligations in respect of liabilities acquired by
British Rail as a major employer over nearly half a century and as a direct
result of the privatisation process.
The Department for Transport has consulted on the abolition of BRB (Residuary) Limited in furtherance of the provisions of the Public Bodies Act 2011.
The consultation has now closed, but the documents and the Department's response can be found at https://www.gov.uk/government/consultations/consultation-on-the-proposed-abolition-of-brb-residuary-ltd-and-the-transfer-of-its-functions-properties-rights-and-liabilities.
BRB (Residuary) Ltd
One Kemble Street
020 7904 5079