Crikey, a friend bought one of these a few years ago when it was closer to three times this price!
Edit: Only photo I could find of it is under my bike at an alleycat in York - pretty sure it's a Zephyr, but his had a white steerer tube. Remembered it was a decent looking piece of kit.
Italian made 531 with ' steep, aggressive geometry'? For £233 ? Who'll be first?