I Bought a cheap ladies Raleigh Pioneer Spirit cycle yesterday. I gave it a bit of a clean although it wasn't that dirty, I adjusted the gears to get the lower gears but now need to adjust it to get the higher ones. The bike doesn't look like it's had much use . I took it out for a test ride before I discovered that it couldn't get the higher gears. I discovered that it was fun to ride, it's like riding an old dirt track bike! I was having fun so I extended my short test ride to over 2 miles. The bike is quite heavy at 33 lbs but you don't notice it whilst riding.
Is that the Reynolds 501 tubing model with lugged frame, horizontal dropouts and canti brakes?
Very underrated bike IMO. I love the one I've built as a single speed.
The later luggless models (Pioneer Jaguar?) are great too. I rescued a lady's version which had been vandalised and raided the parts bin to get it working again. I sold it to a friend. If it had have been a size bigger to suit me, I'd have kept it for myself!