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I'd been looking at this when you posted. It looked to me like it could be an oversized top-tube and the seat stay caps triggered a memory of a Criterium I'd looked at before http://stainlesssteelforks.org/hobbs_of_barbican_criterium_vintage_1946_frame_forks_lugless_fillet_brazed.htm.
I was going to reply to you "that looks worth a squirt" but thought why not have a go, so I asked seller circumference of top tube, she said 9cm and I went for it :)
1 1/8" top tube, March 1948 build date, so far so good. It's not original paint, I think refinished in the 60s or 70s, components are pretty much all a bunch of bollox. I guess next step will be to strip the paint and sell the Clubweight stashed in the attic!
Hobbs for £130. Collection in London.
https://www.ebay.co.uk/itm/264746093744
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