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@edmundro
I know those lamp brackets were still common in the 80s but my lord they’re ugly. As soon as I see one I start looking closer to see if it’s a gas pipe frame.
Out of interest have you tried all the non-destructive methods to remove the stem? It’ll be a lot easier to sell if that stem is moving…
Obviously being Mercian is a good thing but aside from that it’s just another pub bike.
I’d assume closer to £200 than £400 is more reasonable.
If in doubt stick it on eBay with a reserve you’re comfortable with and let the market decide.