I guess it depends on definition. A lot of people would say you couldn't get a decent bike at all for that kind of money. They may be right, but then this is the money I have.
I've seen a few bikes which look ok, sub £300, on
ebay in the last couple of weeks, and would be happy with a number of those. I'm not wanting to race it, (probably) but do want a drop bar bike that I can also use on trails and canals etc, up and down pavements if I want, as well as on the road. It's seems a fairly common compromise, and fairly common (as I intend) to keep two types of wheels for it.
Any advice on what I'm looking for is of course welcome, advice on alternate bikes too - though I'd note this isn't an unthinking decision.
Cheers
Steve