As far as I can remember, Paramount frames were held in high repute in the Midlands area of England, and I recall them being around in the 60s but certainly in the 70s. I always associated the name with the city of Nottingham, but Mansfield is sufficiently nearby. Your frame seems to be very typical of the sort of road-track frame that was produced by small one-man builders in those days, and such frames were the favorite "standby" machines of many a Club rider, being brought out for the Annual Village Fete and the grass-track racing, doubling up as a "winter iron" to keep the legs supple twiddling a 63" fixed gear over the winter months.. and more often than not also serving as the faithful daily transport to and from work. Great bikes.. and very long lasting.
Paramount was one of the "Club riders'" shops of the East Midlands along with others such as Olympic Cycles, and there was another, in a small village - Southwell (?) - run by the nephew of Tommy Simpson. I remember seeing one of Tom's team-Peugeot machines hanging from the wall.
Probably the best known local builder in the Nottingham area over that period until sometine in the mid-to-late80s was "Pongo" Braithewaite, famous, or infamous - depending if you liked his ultra-short-wheelbase "drillium" time-trialling frames - for the AENDE brand. Someone told me that this was an abbreviation for "A and D" cycles.. but I can't verify that. I heard from a Nottingham clubman that, in the 70s and 80s, Pongo built frames for quite a lot of the local lightweight dealers.
There is a member of the Veteran Cycle Club of GB who has made an impressive collection of lightweight frames from Notingham builders.. and he is supposed to be writing a small study booklet giving a overall view of the sport and industry in the area.
Norris Lockley .. I can remember the "pub" where I met this chap, but can't remember his name.. Settle UK