Formerly of the Wool Dyers' company (3)

I believe the answer is:

old

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'formerly of the wool dyers' company' is the definition.
I can't judge whether this definition defines the answer.

'of the wool dyers' company' is the wordplay.
'of' indicates the answer is hidden within the clue.
'OLD' is hidden in the letters of 'wool dyers company'.

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(Other definitions for old that I've seen before include "SECOND PART OF 14" , "Getting on" , "Former; aged" , "At an early stage - at a late stage" , "Long-lived" .)

I've seen this clue in the Evening Standard.

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