If I were you I'd be looking on the secondhand market. You can get some fantastic basses new for this kind of money or even less (Squire VM and MM SUBs for example) but with basses like G&Ls, Yamahas, Overwater/Tanglewood going for that kind of money, I'd check them out. The other thing is to make sure that your mate tries before he buys and don't be hung up on the name on the headstock. Ibanez and Tokai for example make some great copies. Once you try a bass, you'll know if it's worth your £350 or not