Having no experience with the Triumph I had to look online and it seems that some models had a physical hydraulic brake and apprently some had an electrically operated brake.
There are several ways to brake a lathe.
Physical friction brake that can take many forms. I had a Bantam which had a rod actuating a brake block on the vee of the belt pulley. Some have a drum or a disc either air actuated or hydraulic. Some Colchesters had the lever-operated clutch and rake combined.
Electrical friction brake either spring operated and electrically held off (like my HLV) or electrically actuated. A DC actuator could allow for variable braking effort
Applying a resistive load across the motor. You might use a rectifier and heating element to achieve that but I don’t know why you would and the 240V rating makes that particular one under-specified.
Applying DC voltage into the AC motor windings. This creates a fixed electical field which acts against the spinning field of the rotor causing it to slow rapidly. This one makes the most sense in your friend’s case IMO. Usually DC braking is done over a very short duration because it causes the windings to heat up. You might apply a large load to brake the motor downa and then a small DC load to hold the spindle.
Really it’s all guesswork until someone with knowledge comes along. One benefit you have is that you have the wiring schematic code right there in the picture. It might pay you to message Tony at lathes with that code and see if he has the diagram within his vast library.