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old bike worth restoring ???

Hi , I’m new to cycling and instead of going out and buying a new bike I thought id repair this bike that was in the garage of a property I bought and try it out before spending big money . I’ve cleaned it up, stuck some tires and some new cables on it but the back tire was rubbing on the frame. I stuck a bit of lead under the axel which gives it about 1mm clearance and id 40 miles on it without dying. Ill add some picture, if anyone can tell me what is wrong and if it’s worth me spending any money to fix it up properly that would be great.

I believe it is a claud butler, looking online I think it’s about 1998

Reynolds 653 frame 

Campagnolo avanti groupset

Mavic cxp 10 rims


Any help would be much appreciated

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