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I'd have thought that's the sort of bike which someone could spend £££ on if it's in reeeaaally good condition. Of course it's a lot of messy, painstaking work to restore it. I would love to restore it.
The rear triangle looks exposed and might rust, but it would be a shame to repaint the frame. Someone skilled at colour-matching could maybe repaint the exposed areas after first removing rust and polishing the surviving paint. It would be a faff but could look great afterwards.
1948 Mercian. I like and wonder how much it is worth, more than £250 surley
https://www.facebook.com/photo/?fbid=10221393029363940&set=pcb.10160128952634593