The Smart and Brown 1024VSL (Variable Speed Lathe) uses a very similar drive with expanding pulleys that takes the drive from a 3HP motor.
I had a similar "broken pulley" event recently, but had been lucky enough to have bought a cabinet full of "stuff" with the lathe. Right at the back, brand new in bubble wrap, was a new pair of pulleys. I suspect that the reason that mine broke was that the motor-driven leadscrew arrangement that pressed against one of the pulleys was not quite centred, so putting an unfair load on the pulley. Eventually, it fatigued. I'm guessing, but I did take care to realign things when reassembling.
I did consider a new motor/VFD combination, but this was cheaper and, given the battleship build of the S&B, possible without a forklift to remove the old motor/variator assembly!
Edited By Nealeb on 04/01/2023 15:41:49