Lotus racer - worth restoring?

jchawke

Retro Newbie
About three years ago I purchased two old run-down bikes from a charity.
I converted the first bike into a gravel bike afterwards, but that's another story.

The second bike is the subject of this post: it was an old road racer, in very poor condition.
The alu drop bars were crumbling metal, everything was covered in dirt and/or rust.
It looked like it had been left out to rot in the rain for several years.

But there was something about it that made me want to rescue it. So I did.
On removing the grime and stripping down the bike, I realised that the underlying components were actually pretty decent:
IMG_20230810_180933871_HDR - Copy.jpg
- Columbus SLX steel frame (golly)
- Full Shimano 105 (5500) 9 speed groupset, including crankset, cassette, brifters (sticking), derailleurs, headset, octalink bb and cabling for some sort of bike computer
- Mavic wheels (CXP12 622-14 v-profile) with Shimano 600 hubs

IMG_20230810_180924001 - Copy.jpg
The exact model of this bike has eluded me for several years.

IMG_20230810_181020783_HDR - Copy.jpg
The label on the head tube says 'Lotus Sport'. Googling that returns a bunch of flashy cars.
I spent many hours (and search word combinations) trying to find it.
I tried using Google lens, but nothing matched, presumably due to the poor condition of the decals and paint.

I then found the 'Lotus Bikes' wikipedia page - https://en.wikipedia.org/wiki/Lotus_(bicycles) - and looked through all of the different models they produced.
None of them matched this bike's frame, colour or decals.

Can't remember how I found them, but in the past few days I somehow finally landed on these Retrobike pages:
https://www.retrobike.co.uk/threads/lotus-sport-one-0-one-history-info-request.340207/https://www.retrobike.co.uk/threads/lotus-one-o-one-101.404116/
And I realised: that's my bike frame in the photos!

IMG_20230810_181446170c.jpg
So it looks like I have purchased a rather rare Lotus Sport One-O-One.
I gather this was manufactured by British Eagle in Wales in partnership with Lotus.
Exciting!

I have two queries:
1. History
Can anyone help explain the likely year and history of this bike?
The info I found suggests early 1980's, but the ST-5500 groupset is early 1990's, so Shimano and not Campagnolo, so I'm not sure.
Perhaps the original bike was 1980's and the groupset was changed by the previous owner?
Or perhaps this bike was a different spec/model? Any ideas?

2. Is it worth restoring?
Not sure I have the budget to fully restore to original condition (whatever that was!), nor do I have a strong emotional attachment to the Lotus brand.
But I'm thinking it's probably worth doing - the underlying frame and components are good, and the bike is unusual. I like it and I think I'd enjoy riding it.
I''m tempted to change the colour (if that's not sacrilege!), but does doing so eliminate any resale value if I decided to sell it in the future?
I'd also need to get the replacement decals - assuming I can find a company to make new ones to match - to keep the spirit of the original bike.

Any thoughts or advice would be welcome.
Thanks,
J.
 
Not early 80s, British Eagle was an unused sub-brand of Falcon back then. If it was in fact built by British Eagle (rather than having been contracted out to a bespoke builder) I'd suspect it to have come out of the Newtown factory in the early 1990s.
 
It looks worthwhile to restore it. It does have a very nice build and tubeset. I think changing the colour will more likely increase the value than decrease it.
 
I suspect brands were capitalising on Chris Boardman's achievements so early 90s would be right.

Personally, I would either keep the patina or restore back to the original colour and graphics. The yellow and black is somewhat iconic, and keeps the original intention.
 
Done some digging around and came across a few suggestions that the 101 frames were made by Chas Roberts and supplied to the Newtown factory for assembly into the finished bikes. Whilst I have no idea how true that is, that frames and others I've seen picture of are of a quality which I doubt British Eagle could achieve.
 
This needs restoring back to its original condition- no expense spared as they are rare & did look quality especially the frameset.
 
Done some digging around and came across a few suggestions that the 101 frames were made by Chas Roberts and supplied to the Newtown factory for assembly into the finished bikes. Whilst I have no idea how true that is, that frames and others I've seen picture of are of a quality which I doubt British Eagle could achieve.
If Chas Robrts built these for BE - then who built the top end Barry Hoban frames?
 
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