Red and Grey Medal Ribbon A Regimental Ribbon ideal for your Panama 1 metre 

Rather fine Medal Ribbon  that also would make a  dashing hat ribbon for your Panama Hat ready for the Summer or overseas Holdidays.I am selling this ribbon im 1 metre lengths. The ribbon is 30 mm wide .Iand manufactured by Toye Kenning and Spencer. I believe that this is Regimental Ribbon  possibly for the QUARANC as the colours nearly match but I  cannot be certain.It is unissued and made of a silk cotton mix  so has some age.

It also has a vague similarity to the colours of a Cambridge College, however as I went to a school on the recomendation of a Magistrate, I am not sure which one.