You're on 48x16, it's "pretty hilly" round your way and you want to up the gearing?? Fair play to you. If by "compact chainrings" you mean 130BCD when I was looking for one a little while ago the only one I could really find was the Stronglight available here: http://www.ribblecycles.co.uk/sp/road-track-bike/Chainrings-Stronglight-Zicral-Chainring-Track-1-8-130-Black/STROCHRI255 for pretty cheap. Also if you go for a bigger chainring you wouldn't need a new chain, tho it might be nice to get one in any case. I'd say changing the chainring would be easier than changing the freewheel, but I've never tried. You'd have to get one of these: http://www.parktool.com/product/freewheel-remover-5 or similar, and an adjustable/correctly-sized wrench.
And you're quite right, that is a foul looking bike. I see one round Manchester, cheap is definitely the word. But if you like it... :)
You're on 48x16, it's "pretty hilly" round your way and you want to up the gearing?? Fair play to you. If by "compact chainrings" you mean 130BCD when I was looking for one a little while ago the only one I could really find was the Stronglight available here: http://www.ribblecycles.co.uk/sp/road-track-bike/Chainrings-Stronglight-Zicral-Chainring-Track-1-8-130-Black/STROCHRI255 for pretty cheap. Also if you go for a bigger chainring you wouldn't need a new chain, tho it might be nice to get one in any case. I'd say changing the chainring would be easier than changing the freewheel, but I've never tried. You'd have to get one of these: http://www.parktool.com/product/freewheel-remover-5 or similar, and an adjustable/correctly-sized wrench.
And you're quite right, that is a foul looking bike. I see one round Manchester, cheap is definitely the word. But if you like it... :)