Cycles round established bases (9)

I believe the answer is:

pedestals

'bases' is the definition.
('pedestal' can be a synonym of 'base')

'cycles round established' is the wordplay.
'cycles' becomes 'pedals' ('pedal' can be a synonym of 'cycle').
'round' means one lot of letters goes inside another.
'established' becomes 'est' (I've seen this in other clues).
'pedals' placed around 'est' is 'PEDESTALS'.

(Another definition for pedestals that I've seen is " Supports, foundations".)

I've seen this clue in The Telegraph.

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