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@dglshrn
<£50, tbh.
It's either designed for 27" wheels or has very loose clearances. It's not a 'fast bike', I'm not even sure it's one of the Reynolds ones. Steer clear.
You can get a Raleigh 531C for around £40 if you look on retrobike/ctc/bikeradar/here, just hold out for something.
Occasionally it's cheaper to buy a full bike and part it out/upgrade but you'd be better off buying individual parts and building a bike for yourself.
Should be easily possible to get something 10x nicer than that for less than £200.