Friends character won round by the old town (4-2-3)

I believe the answer is:

ross-on-wye

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'town' is the definition.
I know nothing about this answer so I can't judge whether this works.

'friends character won round by the old' is the wordplay.
'friends character' becomes 'ross' (I've seen this in another clue).
'round' indicates anagramming the letters.
'by' says to put letters next to each other.
'the old' becomes 'ye' (resembles a historical spelling of 'the').
'won' is an anagram of 'onw'.
'ross'+'onw'+'ye'='ROSS-ON-WYE'

Can you help me to learn more?

I've seen this clue in The Daily Express.

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