Well remembered Jon!
It comes from the Barron Knight's single A Taste Of Aggro. which also included 'hilarious' parodies of Rivers of Babylon (remember the dentist? aaa aaa aaa aaagh) and The Smurf Song. You're pretty much there with the Matchstalk Men part:
With big rosettes and coloured scarves
They got to cheer their favourite stars
They all looked forward to their Saturday
There's one young lad walks down our street
With Bower Boots upon his feet
And an aerosol of paint he freely sprays
You got the chorus right other than 'cap'='bike' and 'clogs'='gloves'
Ed (who could have happily looked forward to the 21st Century without being reminded of this!)