How's about this:

http://cgi.ebay.co.uk/Classic-Raleig...QQcmdZViewItem

A Raleigh Olympus, for £100? Like, $170? This was the bottom of the range drop handlebar Raleigh of the early 80's, (except the Arena, which was 5 spd). It was made of gas pipe, and if brand new would be worth about £70 in my reckoning. If he really spent £160 on servicing it, he's a fool. This is the sort of thing I'd expect to get for £2.50 at a car boot sale, and then it wouldn't be worth keeping!