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@andyp
Olmo are an established Italian manufacturer based near Genoa. Columbus SL was a high quality tubeset, at least equivalent to Reynolds 531, used in frame manufacture during the late 1970s and throughout the 1980s.
There's some good info on it on this website; Italian Cycling Journal.
I reckon it'll go for more than £45 as it's a recognised manufacturer, a decent tubeset and a sought after frame size. Good luck with it though.