One vanishes and the other appears? And Nicole swapped stickers (bikes?) at the same time?

No.

Raleigh mtbs are making a comeback of sorts under their m-trax brand.

Raleigh dissapeared because they were asset stripped, Boardman appeared because he and Halfords saw a market.

Righty-ho.

Raleigh seem to be going strong over the pond, I just wondered of they were using different brands in different territories.

I had an M-Trax Chromo; quite a step up at the time from my gas-pipe special.

I believe that the Murican one is a division of Derby Cycles whereas the UK one is, well, could be anything now, maybe just a tradename owned by a bloke in Smethwick.

I think that Nottingham Uni campus occupies the site of what was once the world’s largest cycle factory, and home of other superb businesses as Sturmey Archer which was fortunately bought wholsale by SunRace when they realised that all the machinery was being split up and sold at auction at the same time that Raleigh was “downsized”.