I loan out the work of G&S (8)

I believe the answer is:

iolanthe

'work of gs' is the definition.
(Iolanthe is an opera by Gilbert and Sullivan)

'i loan out the' is the wordplay.
'out' indicates an anagram (out can mean wrong or inaccurate).
'loan' anagrammed gives 'olan'.
'i'+'olan'+'the'='IOLANTHE'

(Other definitions for iolanthe that I've seen before include "G&S operetta" , "G&S's eponymous fairy" , "Gilbert and Sullivan opera" , "The Peer and the Peri is its alternative title" , "Staged work" .)

I've seen this clue in The Independent.

Want a hint initially instead of a full solution? Install my app