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@Sainsburys_Ed
it does seem a little pricey.
but the value depends on the manufacturer and tubing - the sticker looks like a columbus one to me but there are more knowledgable people who will prob be able to tell yuo from that tatty looking sticker - although it could be something that someone has just stuffed on there to make it look more expensive.
frame numbers might help you locate the manufacturer as different makes use different patterns of letters and numbers.
another mark of quality is frame weight; as a rule of thumb better tubesets are ligher for the same strength. so find the frame weight and compare it to something of similar size.
at the end of the day its a little tatty, but is a nice looking bike and you like it offer him what you think its worth.