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@Parfifty
I did my first couple of triathlons last year. I bought a £270 racer from decathlon and it did the trick. I rode without tri-bars and managed to absolutely destroy dozens of people on really slick £1000+ tri bikes. There is no point in having a really expensive tri/tt bike unless you are competing a lot, you are already really fast and are looking to shave off vital seconds/minutes over the 40km bike leg.
This is a good time of year to head over to Decathlon as they will probably be discounting their 2009 stock.