"That watch doesn't put us in a very good light, " concedes Andrew Crisford, senior warden of the Worshipful Company of Clock-makers, the 17th-century guild that founded and maintains the museum.

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Unsurprisingly, members of the same profession have usually sought to organise themselves, even in the 20th century, along the lines of a medieval guild.

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The work on the Liverpool Guild of Students, due to finish in 2014, will deliver a "21st Century space" for the university's 20, 000 students.

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The Mulliner factory, in the small English village of Crewe, is more akin to a medieval guild than a 21st-century car plant.

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"We are delighted that HLF has joined the growing number of organisations and individuals which are supporting the Guild of Players in our project to transform the historic Theatre Royal into a theatre fit for the 21st Century, " he said.

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