I looking to do the same thing for the same budget.
Im looking to get a Pioneer DV-454/350
heres the link for the 454 (the 350 is £20 cheaper, it is about the same but it hasnt got a Optical digiital output)
http://www.superfi.co.uk/index.cfm/page/moreinfo.cfm/Product_ID/1165
Have a look on the site for your local store. Im too, not going to buy it of the net.
Or you could get a Toshiba 220e From Richer sounds for about £135'ish Multi region. Just find your local RS on there website too.
Alot of people will suggest you get the Toshiba, as it is a amazing machine.
Also check out the Sony dv-405 which come out the tops in CD playback.
Just dont go to Comet/currys/dixons ! WASTE OF MONEY AND TIME
As a First time Buyer I would recommend The Toshiba. (I will be buying the Pioneer because I have the matching amp)