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@StreetE
Aye, agree with mammar. Looks a bit too good to be a falcon, clean lines, clean if simple lugs, sloped fork crown and no lamp boss etc suggest it was once a serious, pure racing bike.
My valuation still stands though, without definite heritage or original group £200 tops. Probably better off splitting. Frame weight alone and seat post diameter should help narrow down what tube set was used.
Nice find either way