Problem is probably in the incorrect reference:
$value = ( $content['field_collection_or_bespoke']['#items']['0']['value'] );
Language key is missing in the array.
It should be something like:
$value = ( $content['field_collection_or_bespoke']['und']['0']['value'] );
Please do Print_r($content['field_collection_or_bespoke']);
to get details.