A bench grinder for £12.50 sounds like a bargain.
Definitely one for the DIYer's Black Museum, to my mind.
Wonder how well the Headstock is aligned to the Bed? With difficulty?
Maybe a sow's ear waiting to be changed into something better, but will take a lot of work and time to become a silk purse or anything approaching it.
But it is a starting point for a budding machinist to gain experience
Howard.