Round the bend long ago (2,3)

I believe the answer is:

of old

'long ago' is the definition.
(thesaurus)

'round the bend' is the wordplay.
'round' becomes 'o' (round can mean a round object).
'the bend' becomes 'fold' ('fold' can be a synonym of 'bend').
'o'+'fold'='OF OLD'

(Other definitions for of old that I've seen before include "Long ago" , "In or from former times" , "these days? No!" , "belonging to the past" , "at one time?" .)

I've seen this clue in The Telegraph.

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