Wiktionary
vb. 1 (context idiomatic English) To end a relationship 2 (context idiomatic of two or more people English) to separate; go their own way
Wikipedia
"Part Company" is the first single from The Go-Betweens' third album, Spring Hill Fair. It was released in August 1984 by Sire Records with "Just a King in Mirrors" as the B-side. In the UK a 12" single was also released on Sire. The single failed to make an impact on the charts.
In November 1983 the band recorded a number of demos commissioned by Rough Trade for their third album, at Pathway Studios, with producer John Brand. "Newton Told Me" was re-recorded after originally being considered as a B-side for " Man O'Sand to Girl O'Sea" and recorded by the band in May 1983. "Part Company" was also re-recorded in May 1984 for its subsequent inclusion in Spring Hill Fair.
Forster later indicated in an interview that McLennan had told him that "Just a King in Mirrors" was about Nick Cave, who he was close too at the time.
Usage examples of "part company".
I think, therefore, that the time has come to part company with Captain Nemo.
We will part company tomorrow when it is light enough to ferry the wounded over to her.
Victor stared after him, twisting one end of his moustache until it threatened to part company with his lip.
You shall render yet an account of your treason, and I am afraid, my poor rebel, that your comely head will part company with your shapely body.