Town records, old man (5)
I believe the answer is:
epsom
'town' is the definition.
(I've seen this before)
'records old man' is the wordplay.
'records' becomes 'EPs' (EP is a type of record).
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'man' becomes 'm' (M is an abbreviation for male or masculine).
'eps'+'o'+'m'='EPSOM'
(Other definitions for epsom that I've seen before include "Poems about English racing venue" , "Derby and Oaks racecourse" , "Derby town" , "Racecourse near London" , "Poems about English Derby venue" .)