Saracen have certainly made a few road bikes. Looks like an entry level bike. Sora or similair groupset, ITM stem, probably around the price bracket of a Carrera TDF or similar at a guess £300 to £400 new. When you say cheap how cheap, how old is it and what is the full spec of the bike?
saracen are a british manufacturer, started in the late 80's predominately mtb based, in the early 90's produced high end mtb's with high end prices. late 90's produced more mainstream mtbs, started producing budget road bikes during late 90's and the noughties. whent out of business. think the brand was bought by madison and are now producing high end mtbs again.
the bike in the pic will be aluminium frame and and steel forks, 7 speed probably, basic componetry unless its been upgraded some where over the years, As hacienda said modern equivalent probably carrera tdf, viking etc.
solid bike for introduction into road bikes or commuting or whatever you want to do with it, easily upgraded, I own one but a newer model before they stopped trading, but to be fair the only original parts left on it are the frame.
hi guys missed out on it by £1 doh. it basically was a frame forks and the shimano sora group set i think, i was going to strip it and use campagnolo groupset on it.
p.s i have got a frame now but i'll post pictures when i get it