http://www.ebay.co.uk/itm/Naerok-Pil...sAAOSw241YXFg6

1hp floor standing, even adding delivery and a good quality inverter plus new motor (if it needs one) that's still within your budget.

If you keep your eyes open the occasional round column Mill/Drill also comes up within your budget, my floor standing Mill/Drill was around £400 and has around 4 feet under the quill for large jobs ;-)

- Nick