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@Shaun_U
The frame is now provisionally sold to Hilly Ben upon receipt of payment.
In answer to mig, the alpine scene was painted only on selected frames by the wife of Johnny Mapplebeck, a co founder of the company that became Pennine Cycles. This example doesn't have that touch but instead has finely painted red line hatchings.
See http://www.classiclightweights.co.uk/ which is a goldmine of information for Pennine and other marques. In answer to Pawlus, I'm not certain on the model though it doesn't have mudguard eyes fitted.