Just thought I'd update this thread. I've had the car for a approx 15 months and apart from the initial costs, IMRC fault and a tyre it has been trouble free.
In total it's probably cost £2000 but apart from the initial costs (many of which were service costs when I first bought it) it's been over a year of trouble free motoring and hopefully another year to come. Not bad considering the initial price and the fact I could probably sell it for close to £1000.
It's not the fastest car in he world but it's quick enough and pretty good fun when you want to push on. In fact it an keep up (and better) with most cars in real world driving.
Also, Glenn - I think this may have been owned by the guy you know as it had a towbar fitted previously. I'd be interested in knowing any history about the car if you know It?