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Using the phrase "Not of merchantable quality" is a pseudo legal phrase which implies that you will take it further legally.

Phone them up - Ask to speak with their Manager and mention the 'merchantable quality' phrase - you will find it works a treat.

Get Fowlers to fix it - for ease and peace of mind.
The phrase "Not of merchantable quality" should be used with them - Extract from "Sale of Goods Act 1979"

I was going to suggest what I did on my bike when I had the same proble

I opened the clocks up
Dried out with a hair dryer
Re-seated the rubber mounting with a line of Vaseline
Cured the...