Is this worth £300???

Knucklehead Make sure its not a suicide hub. If it is a road hub running a freewheel get him to through in the free wheel fitting tool (if you still want the bike). I think its ok for 300 if its got a proper track hub on the rear, reasonably good tires/chain and all the bearings are in good order. If any of these things are off I'd ask for 20 off the price for each fault.

To put it into perspective, I paid less than £300 for a proper T.I. Raleigh track bike, with Colnago fork swap, including original undrilled fork and bars.
This bike is OVERPRICED.. (and ugly :))