Bow to hold day of celebration around county (5)
I believe the answer is:
devon
'county' is the definition.
(I know that Devon is a county)
'bow to hold day of celebration around' is the wordplay.
'bow' becomes 'nod' (I have seen 'slight bow' mean 'nod' so perhaps 'bow' could also mean 'nod').
'to hold' means one lot of letters goes inside another.
'day of celebration' becomes 'VE' (VE Day, Victory in Europe Day).
'around' says the letters should be written in reverse.
'nod' going around 've' is 'noved'.
'noved' written backwards gives 'DEVON'.
(Other definitions for devon that I've seen before include "County in SW England" , "Clotted-cream county" , "English county" , "County in southwestern England" , "part of England?" .)