Crossword Genius

Consider very important what squirrel may do (3,5,5,2)

Ross

I believe the answer is:

lay great store by

I'm a little stuck... Click here to teach me more about this clue!

'consider very important' is the definition.
(to lay great store by something is to respect it)

'squirrel may do' is the wordplay.
I cannot quite see how this works, but
'squirrel' could be 'store' (I've seen this in another clue) and 'store' is located in the answer.
This explanation may well be incorrect...

'what' is the link.

Can you help me to learn more?

I've seen this clue in The Times.
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