There is a very dry Brooks professional underneath the rubber cover.

Some of you people are nuts.

I have seen plenty of "bought from a bum" stories, and never noticed a reaction like this.
Part of the fun of this hobby is saving great bikes like this from an ignoble end, chained to a fence somewhere and forgotten, or gradually being beat to death like some old gaskins beater.

That Next will last him longer than this one was going to, I guarantee it.