My Redsnapper RSF-284 & RSH-12 head came to £120, I guess I have to throw that out in the bin now.
If you buy a really cheap tripod, you'll probably end up thinking 'this is crap'. So you'll either end up buying another one or not using the one you bought, ergo you've just wasted your money. £100 is a more reasonable budget.
And I have the RST-283 & RSH-61 Ball Head which i got for <£80 delivered and it's a lovely tripod.