The guitar is not only a live instrument. This one one has primarily served as composing instruments for some of the great hits for Shed Seven during the area of Brit Rock.
The guitar is Paul Banks' 1979 black sunburst Fender Stratocaster he bought in 1994 and used as primary Stratocaster during recording and writing sessions in the 1990's. He wrote on this guitar songs like 'On Standby' and 'High Hopes' and used it to record parts of 'Disco Down' and 'Chasing Rainbows' etc. As it was a studio guitar it was never used live apart from the 2007 reunion tour when his green Stratocaster broke.
The guitar can be seen in the clip:
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