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actually yes, it does look a lot like the KOM with the seat stay and lugs and eyelets. Would Mercian still number if it was a custom build?
Crows-
I'd guess they would number maybe unless it was built for another company which apparently happened. The KoM model always seems to have used nicer, racier tubing than ST though. There is the Mercian 'classic' that used ST, but that does not have the distinctive heart in the lugs. Confusing 😁
Maybe not Mercian, but another similar maker. Have you tried a bottom bracket yet? Would establish if it's British thread.
Squaredisk
The 27 follows that the 531st frame tubing was special tourist and a little thicker. Looking at an 80s Mercian King of Mercia and it isn't to different (particularly the top routed brake cable) apart from your lack of rear derailleur cable stop and BB routing. Maybe it was removed? Mercian (or likewise) do custom stuff on frames so that could explain the choice of dropout too? Just guesses...