Protest with British farewell to the army? (5)

I believe the answer is:

demob

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'farewell to the army?' is the definition.
I can't judge whether this defines the answer.

'protest with british' is the wordplay.
'protest' becomes 'demo' (demonstration).
'with' means one lot of letters go next to another.
'british' becomes 'b' (abbreviation e.g. in 'BBC').
'demo'+'b'='DEMOB'

Can you help me to learn more?

(Other definitions for demob that I've seen before include "send off troops" , "Retire from military service" , "Take (troops) out of active service" , "Release from military service (abbr)" , "Leave the military" .)

I've seen this clue in The Times.

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