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@lae
Raleigh Royals seem to be pretty sought-after bikes - take a look at this on ebay:
http://www.ebay.co.uk/itm/1985-Raleigh-Royal-25-Reynolds-531-touring-road-single-speed-frame-and-forks-/140680224229?pt=UK_sportsleisure_cycling_bikeparts_SR&hash=item20c131dde5#ht_500wt_1287
With a dent, and sans fork, maybe £40-50 in the UK?
They're really bloody nice frames - I eventually worked out that my mystery Raleigh touring frame is a 1984 Royal with canti mounts added later (hence being sold to me as a Randonneur) and it's great to ride - really smooth and comfortable.
Spotter, I'm sure I've asked before, but what mudguards are those?