LO is not a franchise (in the
same way as most of the other Train Operating Companies), as TfL takes
the full revenue risk and LOROL has to run the services to TfL's
specifications for a contracted price; with all the revenue going
back to TfL. When LOROL's contract is over, it will be upto TfL to
award the next concession. As far as ticketing, timetabling etc. is
concerned, LO are still part of the National Rail systems.

But not, it appears, as far as branding goes - unless the example I
cited was a mistake.

Out of curiosity, is LOROL a member or ATOC?

-roy