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If the OLD is 120mm, then it certainly wasn't originally. The rear derailleur cable routing is under the BB, which post-dates 120mm road bikes.
And I'm quite sure the forks aren't original to the frame: that much rake dates them to the Seventies or earlier.
Personally, I'd be returning this to the seller.
Scilly.Suffolk
Bored = check
Internerd connection = check
Money that should be spent on Christmas presents = check
Cyclingtips article on the new Campag groupset = check
Result? I've just bought this. It's marginally too small, which is a great start. It's also has a 120mm spaced rear end, for which I don't have any hub's that'll fit. Again, not ideal. So on that basis thus begins my first ever retro build. Only it won't be because I'm a luddite and don't get on with vintage group sets and I've got a pair of shallow carbon tubs that need using.
Inspired by the bike in the cyclingtips article half way down the page here https://cyclingtips.com/2016/12/campagnolo-potenza-mid-range-groupset-review/, I'm hoping to build up something similar. Merlin don't have the Potenza groupset in stock yet and if I'm honest I'm not altogether sold on Campag anyway, certainly not the cheaper stuff. I also need to work out if I can 'cold set' the rear end to 130mm (or thereabouts) so that I can use later gearing. 6 speed doesn't really appeal.
Other stuff - I've got bars and seatpost already and the wheels as mentioned. I need a headset and notice that you can still pick up a 1 inch King in various colours. I want everything black if possible but we'll see if that's achievable keeping in mind the 'issues' with the frame.
I really need to stop going on ebay whilst at work...