Just had my Freda overheat

I could hear the coolant boiling and spluttering out of the header tank overflow....
So I stopped. As you do. I could detect no apparent leaks on the hoses or engine, I've checked the oil and it's nice and black (no mayo in there!), so wondered if the thermostat had jammed shut?
Fortunately I was about a quarter of a mile from home, so I added cold water to the header tank (after a suitable time had elapsed to allow me to get the cap off without boiling coolant being thrown everywhere) and headed home.
I've just spent the last hour and a half trying to bleed the system and despite almost an hour of running at various revs the lower radiator hose is still cold. The radiator doesn't appear to be blocked (squeezing the bottom hose with the radiator cap off produces a flood of coolant from the top)
The heaters, front and rear, are blowing nice and hot and the temperature gauge is steady at 11 o'clock.
So, what's the combined wisdom of the group? Thermostat? Or something much worse...

Dave