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spindrift
The annual service cost thing is totally wrong, but I can't talk about that.
The Smith & Wesson thing goes like this:
Someone found the 'S&W' name wasn't protected in the UK and along the lines of 'Caterpillar' and 'Hummer' got a bulk batch of them knocked up in the far east.
Same guy convinced the MET to buy them (no comment on cost) and the Police cycle teams have been living with it ever since.
Build quality was horrendous (favourite - bottom bracket shells separating from frames).
These bikes have been mainly phased-out now, I don't think they will make this type of mistake in future.