Cryptic crossword clue
We let old dance having had a rub down 8

The most common and most likely answer to this crossword clue is the 8 letter word TOWELLED

I've seen this crossword clue in Financial Times
T
O
W
E
L
L
E
D

Buddy explains!

The straight part
We know that "had a rub down" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case had a rub down = towelled.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does TOWELLED mean?

TOWELLED verb
  1. To hit with a towel.
  2. To dry by using a towel.
  3. To block up (a door, etc.) with a towel, to conceal the fumes of a recreational drug.
  4. To beat with a stick.

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