Horse collar, or inflatable toilet seat cover, is a fair description of what it looks like. Adjustable buoyancy life jacket is its generic name. You rarely see them these days, mine was made in 1986, but ABLJ is what we call them. Fenzy was probably the most popular brand of that type of buoyancy device in the UK, where they are also known as Fenzies. My ABLJ looks identical to this one That was a bargain I missed out on. In the link photo the bladder is fully extended, the press studs hold a fold and make it more compact.
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