Hobbs of Barbican 1952 Lugless Reynolds 531 Tubing
 

I have recently gained possession of this bike and I have no real idea of what it is or what its value is? I will either restore it or sell it if it is of any value, cheers.

You'll need to post photos. The more of them and the better the quality the better the advice you'll receive in return. Size is also important. The info you provide, the better.