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@df123
I actually wasn't aware of the VAT margin scheme on second hand items. So thank you MDCC and AndyW for pointing this out. Gonna talk to the accountant tomorrow and if it turns out that I am charging VAT when I shouldn't then I will obviously be knocking the prices down considerably and hopefully get a bit more interest and a bit more support.
Also to clarify one point, for those that feel we are running an illegit business, we are VAT registered (no. 978 2456 69) and all our components except the vintage frames come from registered suppliers. I should add that our vintage bikes are only a small part of our sales, we are getting quite some interest on our new Prima range and I don't think £450 for a full custom build made of double-butted Cr-mo steel is the sign of a prize plum!
As for Reculver, your Alan might be slightly cheaper and have a better frame but it comes with second hand components (all our components except the refurbished frames are brand new) and no 12 months warranty, so I dont think we are too far off from what you are offering.
Anyway, I take the constructive feedback on board and will look into the VAT situation.