My initial thought when I saw it was for removing and replacing hog rings commonly used on car seats…
The lower section looks like brass, possibly not to mark a soft material, the grooves are circular which would imply wire section being bent and the size of the grooves gets smaller towards the end of the tool so would shape smaller rings. The movable jaw or mandrel also tapers toward the end to match the size of the rings. The interesting part is the top extension, is it fixed or does it move? Perhaps some form of multipurpose tool or is it to retain the length of wire whilst the ring is being formed?
Ive got it,
Its an early mobile phone prototype !!
Its for Ringing your Mates !!!
Dave208 - I like your logic. The top section does not move in relation to the brass part. However I’ve just noticed that it is hinged so can be swung out of the way if required.
BOW OPENING & CLOSING PLIERS - watchmaking!
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That’s a combination tool for the bow on the top of the pocket watch. This video shows separate tools in use. I guess the middle bit hinges out for when you want to close a bow. Clever stuff!
I enjoyed that challenge! Thank you for giving me the opportunity to learn something new. 
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Very nice work Mr Handy!!!
BINGO!!!
Hurray…WELL DONE 
Thanks for solving the mystery!
A brilliant piece of detective work!
Barrie