This may not be 100% but from what I remember Sibson was Brit champ and the time Graham was the Euro. Sibson had already beaten Kaylor and was looking for bigger payday towards the end of his career, so Kaylor went for Graham for the Euro title and lost.
It was strange time because Sibson had lost to Hagler and held the Brit and Euro titles but didn't want to fight (the very good) Graham in a defence and risk his world ranking. So there was a lot of reliqushing belts etc going on.
i thought Kaylor held the british going into the sibson fight with sibson holding the commonwealth and euro. then sibson lost them to graham
Kaylor went into the Sibson fight as British and Commonwealth champ. As for him not getting the British Title fight post Christie; well the BBB of C did not appreciate the pre fight punch up, like the tabloids did!
Kaylor was British and Commonwealty champ, then lost to Sibson for those titles and the Euro but Sibson and Graham never fought, he gave up the Euro and British titles rather than fight Herol.
Lawless had all the prospects out that night, I figured Errol McDonald was the can't miss future superstar of the bunch.
Changing the subject slightly I am friends on facebook with Errol he has a book coming out next year and seems like a really good guy.