As I was in Brighton today (racing at the excellent Big Dog), I arranged to go and take a look at this before heading off.
It was amazing to see one in the flesh, and the lady selling it is absolutely lovely.
It looks like she's going to be putting this on eBay rather than a straight sale, as she's been blown away by the interest in it and really doesn't know what to ask for it.
So, to the bike...the frame and forks look largely sound. There are some scratches and scrapes, but nothing I'd be worried about.
However, there is a large area of surface corrosion that's bubbling through the paintwork.
This is at the junction where the tube below the top tube meets with the diagonal down tube, that goes to the BB. It's really hard to say what is going on underneath the paint. It may just be lifting, or the tube could be rotting.
It's on the upper surface, which may be good news.

I suggested to Lulu that it may be worth getting this looked at by a frame builder, or simply remove a small area of the paint, if she wants to get top money for this.
I have some pics, but the b&b I'm in in Dover has very poor wireless!

I'm deffo interested in this, and will be taking a keen interest in the auction.
I expect it'll end up too rich for me though, so thought this info could be useful to others on here

Managed to upload a pic of the corrosion....



Sorry for the quality....taken on my phone!!

good work makster.

It will be a really interesting auction - I think that the seller is making the right choice to get the best $

Thank you from me too.

You have saved my pocket, and many a sleepless nite...

I was kind of hoping you were going to do that for me...and buy it!!
Do you think that corrosion is a show stopper?

the 'value' of this has dropped to double figures and my interest has sadly sputtered and died, just like our summer...

That somehow has the look of near-terminal to me.

What this frame needs is a cheap powdercoat, and sum easy decals, and a cool wall to hang it on, in some kind of cool contempory apartment some where.

Its would look "cool" as wall ART.

Is there a story behind this in another thread or something?!

No story really.
The owner posted it in the 'whats my XYZ worth' thread. A few of us contacted her about it, and I think she's had interest from elsewhere.
I was in the area so arranged to take a look

Looks ok to me....

Shame its in a bit of a bad way as that definitely would have been a show stopper.

She should still get a decent price for it on eBay. I'll definitely watch the auction with interest.

Not to me......

to remove the two tubes and replace, is an epic job imho, and certainly not cost effective.

Since when did cost effective have anything to do with it??

I know someone who can help.

It's even looking like it could be my size.

It's a British steel estay. I wanna ride it!

However, I think my wallet won't stretch to it. Which would be a shame as I'd like to do it justice. Be nice to ride it at the last national ride.

Id wanna ride it too....,