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@fatbloke
I have an off-the-shelf Langster and a Gillott classic steel-framed conversion that I built myself. I get WAY more satisfaction from the the Gillott, because, well, it's a classic steel-framed conversion that I built myself. No-brainer, really. Build up the Mercian, and avoid the excellent, convenient but slightly soulless OTP bikes.
And I hate to take trade away from Kiwi, but one of the many great things about fg/ss bikes is that they are simple, so build it yourself. You might want to get the wheels built by someone else, but after that, it's just straightforward assembly. You might need to buy a few tools, but then you have them for ever, and a £600 budget for parts alone will get you a really, really sweet bike. As for which parts to pick, all the advice you could ever need is in previous threads on here.
The whole build process is even better than riding. I'm jealous.