After so much helpful and kind advice from you all I thought I'd give a little update on the progress of my Sports.

This is how I found it - neglected after the original owner sadly passed away:



I had trouble with a loose headset, so I decided to give the bike a good service and mechanical upgrade. Here's the finished article:





This is going to be my daily ride, so my attitude to restoration is slightly more lax than I might otherwise like. I've tried to upgrade the bike with the best quality components within my budget but with some care to maintain a 'vintage' look.

The original Lauterwasser bars were painted black (factory spec) but a lucky eBay find allowed me to replace them with chrome bars from the same period:



The original chainset was rusted up and beyond rescue, so I replaced it with a 1950s Williams Raleigh heron set instead:



The wheels are early Racelite rims laced onto Normandy high flange hubs (courtesy of Hilary Stone). I have used a Sturmey Archer freewheel to restore the bike to its original single speed configuration:



Some concessions to modernity had to be made, however. The pedals are brand new (MKS Sylvan Touring) but are vintage styled:



The brakes are 1980s Weinmann long reach 810s and 890s, which are not ideal but they perform well and were cheap:



Other upgrades included taking the headset and stems from a 1980s Hercules, a new KMC Z510HX chain, Schwalbe tyres, Koolstop Continental brake pads and Weinmann brake levers. Tony Colgrave kindly provided period Britannia grips:



So what's left to do? I will eventually get the frame and forks powder coated to replace the old (rather knackered) paint. I will also track down another saddle as the Wrights is quite worn and perished. I have a pair of Bluemels mudguards but I've kept them off for the summer. Otherwise I'm really happy with the build and the bike rides like a dream! Thanks for slogging through all this - I'm quite excited if you can't tell!