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Great minds @coomber .. I posted this earlier in the week and I have to agree with @3wheeler7 it's nowhere near RRA. Interesting but not RRA.Certainly a strange one that.
I'd like to see Tony Hadlands "evidence" that Raleigh built these from modified RRA frames as the only parts that appear common to an RRA Model 26 ( post war) frame are the forks.
Possibly built from pre 1938 RRA Model 45 frames, but even if that was the case there's so many differences that it's a crime to even put an RRA transfer on it!
OK suspiciousI'd estimate about £400 max for the components, the frame is just curiousity value. unless real Raleigh provenance can be found.
Call me suspicious.