i would suggest that you spend more on the rod and less on the reel.
You can get excellent reels for under £90 , personally i prefer daiwa but abu or penn have their fans.May be worth havng a lok on ebay - I just got an immacuate slosh 20 for £50 and recently got a new daiwa supercast for just on the ton. I recently had a blast on a friends century cm - what a rod !! - well outside my price range though
If possible find out where other members are fishing and see if you can have a blast on their rods before you buy.