Is this the radio you have,
https://www.radiomuseum.org/r/pye_pye_p75p_7.html If this is the one then it is about 66 years old.
Don't worry it is repairable and could give many more years use if serviced by an experienced person.
Has it ever been serviced and had the wax paper capacitors changed?
If not then I would strongly recommend not using it again until you can find someone experienced who can service it for you.
Severe damage can result from vintage capacitors in radios if they are not replaced.
Mike