One of the mysteries of the English language finally explained.
Stabling and food for a horse provided at a fixed charge. Chiefly attributive: designating an establishment providing this, or one which has horses (and carriages) for hire; especially in "livery and bait stable".
Early 19th century; earliest use found in The Times. From livery + and + bait.
livery and bait/ˌlɪv(ə)ri (ə)n(d) ˈbeɪt/
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