The LBS doesn't have anything in stock to replace the crank on this bike : 
What is this type of crank and does anyone still supply them?
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Unfortunately, my recollection is that there are about 4 different thread standards for the old cottered BBs, and at least two different sizes for the cotters themselves. Google "bicycle crank cotter removal" for several takes on taking the arms off.– Daniel R HicksSep 6, 2014 at 22:18
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(The cotter pins can usually be driven out with a hammer and punch, but this inevitably destroys the pins. And likely doesn't do the bearings any good either.)– Daniel R HicksSep 6, 2014 at 22:21
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(When reinstalling the cranks, you need to pay attention to the direction with which you insert the pins. Get one one direction and the other opposite and crank arms will not be 180 degrees apart.)– Daniel R HicksSep 6, 2014 at 22:22
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2 Answers
It's hard to tell from the picture, but it looks like a cottered crank. I don't think anybody makes them anymore, but not all hope is lost. You can likely replace the entire crankset and bottom bracket assuming the bike has a bottom bracket which is still available, which is somewhat likely. It may cost more than you are willing to spend on the old bike though.
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You need to also find a LBS with a cottered crank press (once you find one, I suspect everything else will fall into place). There are also "universal bottom brackets".– BatmanSep 6, 2014 at 16:50
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Once you've removed the cotter pins you should be able to take off the cranks. Then unscrew the bracket and replace the whole thing with a new bracket with matching cranks. It shouldn't be too hard to find a fitting BB.– CarelSep 6, 2014 at 18:22
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You don't need a cottered crank press if you don't care about reusing the old crankset. A hammer will work just as well to get those pins out.– KibbeeSep 7, 2014 at 17:26
These crancks are still very common on Dutch vintage bicycles. You can order them from many Dutch websites starting at about 6 euro's. All Dutch bicycle shops can order such a cranck at every wholesaler. Many even have such a cranck on stock. You may want to look for a Dutch website which is willing send it to the UK before you replace everything.
This cranck is called a 'cranck met spie' (cranck with spie) in Dutch. If you find one, make sure the lenght and thread are the same as yours.
Edit: there you go: link. Still check whether the length and thread are the same though. And buy a new wedge from the same website, don't use the old one.
When mounting such a cranck, don't try to get the wedge further in the cranck by screwing the nut tighter. Grease everything, and use a hammer to get the wedge in the cranck.
(I don't know if wedge is the correct word. Is gusset or forelock better?).
