£40 is equivalent to $60 these days. That would be a bona fide steal if the preamp is up to spec. Yes, the C 162 has an very good phono section, both MM and MC (though I always preferred using a step up transformer when I was using a MC cartridge). Tonyangel said "it may not be the best of anything," and he's right, but don't let the faint praise dissuade you. It's a good preamp.
Nad c 162
Hey I am looking to buy a phono preamp ATM. My options are the rega mini fono, artdjpre II or a cambridge 640p. But recently I was looking In my local cash converters and saw the nad c 162 for just £40. Didn't this beast cost £600 new? Also from your experiences how does it compare to the other phono stages I mentioned