Originally Posted by
nlerner
^ +1. I've had a few Gran(d) Sport(s) bikes come my way, and none had Zeus-labeled dropouts. Still, you never know with Raleigh. Or maybe this was one of those early Competitions with Gran Sport-style lugs and paint scheme?
It is most definitely a repaint. I wish there was an original decal remaining. The 531 decal is obviously not original, it is near the bottom bracket and over the (re)paint. I am thinking that the factory would grab whatever components that were available and close to spec in order to get a frame out to assembly.