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The basic refurbs are £100 - 200 and those are just reclaimed hybrids with new cables, brake pads and anything else that needs replacing. Basically, the idea is to provide relatively cheap and functional bikes to people as well as saving them from becoming landfill.
The refurbed road-bikes are a whole other animal - the frames are powder coated and we then build our own wheels - usually system EX on open sport rims. People can spec the bikes out however they please, in terms of finishing kit.
These builds normally go for around £500 - £600 depending on the frame and with brooks saddle + bar tape. A bit less with cheaper stuff.
The bikes are built to be used and to last. I know there's some debate here about how much stuff should cost but TBH, once you factor in the respray, the hand-built wheels and everything else, it all adds up. OTP bikes at a similar price are usually specced with lower-end stuff, its that simple.
I'll admit the language used on the website is a bit, er, cringe-worthy - Its in the process of being changed to less etherial lingo as we speak.