Green’s Dictionary of Slang

raleigh bike n.

also village bike

[rhy. sl. = dyke n.; ult. the popular UK bicycle maker Raleigh]

a lesbian.

1992		R. Puxley Cockney Rabbit.
2003		B. Dark Dirty Cockney Rhy. Sl. 90: Raleigh bike dyke. [Ibid.] 103: village bike dyke.