Lovely looking bike, looks unridden!
Looks mostly stock (stem and bars changed, maybe shifter units too), I bought an M-Trax 1500 (cromo) from that old bike shop (Bache Bros?) on Lye Cross circa 1997, it was then a year or two old NOS (so say 1995), that was also STX RC which if I remember correctly was reliable, hard wearing nickel-plated looking stuff - all in all a great bike, if a tad heavy (not a problem with a Ti one I wouldn't think).
This one looks to be a smallish frame, maybe 16-17"? But then again could be that gigantic seat messing with my optics.
Maybe worth a punt if you can go and have a look and it fits intended rider. Hard to put a price on these, worth as much as you are willing to pay, I'd say ;-)
I recently paid about 100 for a 150 comp, also hardly ridden. But that is a minty Ti thing, so maybe 200+ isn't so bad a bargain at all. You'd get a comparative pile of poo from Halfords for that much. WOuld be nice to know if the wheels are stock.
Looks like this one:
http://www.retrobike.co.uk/forum/viewtopic.php?t=111341 which bears out my 1995 estimate.
I wouldn't mind it myself if I had the cash and it was 18"-19".
EDIT. Oh, it's sold. Bah.