I thought the same and did Dave Lloyd build some of the early Oranges? I know Yates and Donahue did, must admit no idea about Lloyd thinking about it...
It has two Reynolds indents on the top side of the BB, but no visible numbering beneath. Will check the fork when I have more time. I still think this is more than a fanboy painting up his road bike - where else would they have the idea to call it a 'Formula' let alone get a sticker from back then without being connected to Orange?
Mr K, your frame looks like a Dave Yates built Formula, but for road caliper brakes, looks original to me. Only difference I can see may be the seatstay/seat tube junction, but then the geometry/sizing will be different to mtb too.
No doubt there's an interesting story behind it if it can be uncovered
Lovely Formula is that. My bet is that it's a bike built for team MTB riders for road work. Seem to remember the Raleigh team doing something similar.
Builder wise I guess it would depend on when built as per the Formula mtb threads. If you can compare the orange paint that might give it away as the shade used changed quite a bit over the years.
Is it just my eyes/monitor or is that a number under the paint ?
Shame you don't have the name of the original owner I could ask around some of the local clubs and see if anyone remembers him or if you can remember who you dealt with at Pedalsport (Now GIANT Halifax) I could pop in and ask if anyone there knows .