It is indeed a bootleg. Notice the blurred lettering on some areas of the label (I've actually seen slightly worse copies). I remember this being on sale at record fairs in 1980 for £10 - £12.
Good memories shared Neil! I had one of those given to me Christmas 1969, when I was 5. There was a toy shop fairly local to us, and they always had a box of the Kidditunes records there, from which my dear Mum always used to treat me to one every so often.