This bicycle is a typical Rudge: heavyweight, sturdy, indestructable and intelligent.
It is a bit over-restored (too shiny) but I love every detail of the construction. Serial number is 60132, one or two years older than the similar Rudge on this site.
A very similar Rudge, with only minor differences, is to be seen on Robert Sterba's site. Here's the link!
I do not have a Rudge catalogue that shows exactly this model, but the owner showed me a French catalogue from the Paris bicycle merchant/factory F. Mégret, who also sold this model around 1890. They also had the CMC Swift in their catalogue, so they just bought these bikes in the UK and sold them under their own 'Excelsior' label in France. Was this Rudge originally sold as a Mégret? I guess we will never know.
We also have a real French Mégret on this site, it is completely different.
Thanks to Marc for the pictures of his bike.