The label should say - Designed by Ernie Clements. A onetime TDF winner, Clements ran Falcon in the 60's and 70's. The company is still in business today, and can be found at http://www.falconcycles.co.uk

Falcon bikes came in both touring and competition style. The high end racers were powder blue with chrome forks and stays, with some of the lesser competition models getting the light blue paint but not the chrome. The red, green, and dark blue frames are the touring models. What you probably have is one of the touring models. I wouldn't say that it commands any sort of collector value, but the Falcon touring bikes of that day were well built and smooth riding. If you contact the factory, they can provide a replacement decal set.

While Falcon never grew to the size of Raleigh, they were a respected maker, and their high end 531 framed racers were the equal of any bike made during that time. I have a pair of 1970 vintage model 76 bikes, the very best Falcon made. (used to race on one while in college, back in the 70's) Very sweet riding bikes, 21 pounds each. Tight, but not brutally stiff.