• OK thanks for that. I know people will shudder, but if I wanted I could run a modern groupset on this then?

    Yeah, absolutely. The groupset on there presently isn't ancient by any means. Looking at the 3rd picture, you could fit a 10 speed cassette in there, no problem.

    This thread on a similar subject may be helpful: http://www.retrobike.co.uk/forum/viewtopic.php?f=12&t=182069

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