When these were purchased a few years ago, they were thought to have been awarded for places (3rd & 4th) in a roller-racing competion, something which Rattray's were involved in. Clearly the embroidered 'The FlyingScot' is taken straight from the script style used for example on the down tubes and on the company headed notepaper.

If you have any further info you would like to add please let me know and I'll include it and pass it on to the owner. These kind of links to the company don't turn up very often, and on the face of it, these are quite rare.