Slight thread from the dead, but I want to show everyone the horror:
Raliegh Banana, £10 from an old bloke. Got a load of freebie bits for it – old Campag cranks, dual pivots (recessed bolts, hence the back one is on back to front) and a Campag / Open 4 front wheel. Stuck some new tyres on it and the wonderful bar tape you see now. And a second hand Campag front mech.
I also have this in the shed:
It's a 1954 Rotrax Shirley, found at the tip with a bent seatstay. 531 with a nice two tone paint job – would originally have been deep metallic blue with a duck egg headtube, but it's all a bit faded. Still has GB Kromo stem, chrome bars, CLB Alp brakes, Alatet headset, cyclo shifter etc. Unfortunately the mechs have gone missing, as have the wheels & cranks. And one of the brake levers is not a CLB one – it's a period lever with a lock barrel, so you can lock one brake on! Hoping to find some money, with which to pay the LBS for a respray, and some 27" wheels and old school (but probably not period correct) mechs.
There's only a braze on for a rear shifter, so I'm unsure as to whether it would have run 1×5 or if there would have been a rod operated front mech.