I have given the timber a light sand and wax with a product called Howard Feed n Wax , and I have sanded and oiled the metal - but I was keen to retain the old aqua paint that was there, so I tried hard not to sand the painted areas too much.
I am very happy with the outcome.
Unfortunately I don't really have a location in my house for the chair, but I have put it in my bedroom for the time being. It will be good for collecting clothes!