Thanks Brian - here's the blurb:
"Raleigh Record Ace. As painted by Mercian. New Schwalbe tyres and tubes. New bar tape, all new cables, new Campy cranks. Campy Record hubs on some date appropriate Mavic rims."
Probably well over priced, but as you say, still a nice little bike!!
Full Campagnolo and a Mercian Respray, now it makes more sense
Mercian do very good paintwork, whoever decided on the respray will have shelled out a good £120. It should be all Reynolds 531, so a nice frame with a quality restoration. Given what you've got I don't think you've paid hugely over the odds. Better than anything £350 will get you from Halfords