Thank you for the clarification. Makes me more and more convinced of the origins.
Regarding Colchester Cycles Stores, they are still in business, have been since 1975. I think they were doing servicing and repairs before this, but I'll have to check. Quite plausible that it was modified and then repainted. Although I think the transfer came a bit later. As mentioned on the other thread. The 73 Holdsworth has the same transfers.
I know Brian, who has owned the shop since opening, so he maybe able to shed further light on it. There is another frame that I am yet to share details of, but it is also branded Colchester Cycles, but this was hand scripted. It's on a Roberts from the mid 70's.
Regarding the headbadge, would it of been the olympic ring version?
Kristian