on my phone currently.have you tried looked a Liverpool to leicester fare is set by LM so i.think this fare is currently £21.50 and is valid via nuneaton. using it as a splitting.
That is correct and I have used this ticket recently a fair bit.
Liverpool Stations - Leicester
Any Permitted is a flow priced by LM, and the
Off-Peak Return is £21.50 currently with LM's half-price sale. This allows you to get to either Nuneaton or Birmingham using a whole host of different routes (as determined by the Routeing Guide) depending on train service patterns.
As it's late, I won't look into details of options further south as you then have a range of fares to choose from. Birmingham and Nuneaton both have
London Midland Only fares to Watford Junction however LM is slow over this section and with these tickets you cannot use the fast Virgin services.
For LM-priced
Any Permitted flows which allow you to use appropriate fast services provided by Virgin, you can mix and match the following tickets: Birmingham / Nuneaton - Rugby, Rugby - MKC, MKC - Watford Junction / Bushey. The Bushey ticket will also allow you to break your journey at Watford High Street should you need it.
(Beware that I have not checked service patterns so am not sure if any fast Virgin service is applicable for using split tickets South of Birmingham / Nuneaton as detailed above.)
Book half-price sale tickets from LM's
website.