Strictly speaking, the bike is not a Clubman (Model 25). The Clubman would have a Reynolds 531 frame, fancy lugs, and three-arm crank with bolt-on chainring. Your bike is a mid-range club-style bike, likely the Model 21 Sports, which was a couple rungs below the true Clubman Model 25.
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Classic American and British Roadsters, Utility Bikes, and Sporting Bikes (1935-1979):
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