Guys, I have just e-mailed Easyjet to confirm the above is the case (32kg bike allowance + 20kg hold allowance), but they have responded as follows:-
"Thank you for contacting us.
Just to clarify your hold luggage allowance is 20 kg. After paying for hold space for sports equipment you are then allotted a further 12 kg of hold space for this. This increases the total weight allowance to 32 kg this is for your hold luggage and the sports equipment together, not just for the sports equipment.
"Payment of the additional fee increases your checked-in hold baggage allowance (including additional item) to a maximum weight of 32kgs.
Where your total checked-in hold baggage weighs more than 32Kgs, normal excess baggage charges as set out above shall apply in addition to the above fee."
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It seems that the total baggage weight to be checked in is 32kg. They don't seem to be acknowledging the fact that the bikes are stated to be exempt from excess baggage charges as per their Carrier's Regulations.
Perhaps one of you guys could post the letter of confirmation you received from them so we can all use it?