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I know I'm nuts, but I like the look of older style bikes, such as this (not a great picture) Stanforth Kibo
And Rivendell Clem

Both the above frames are available off-the-shelf so that might be the way to go if I indulge my heart rather than my head (with a modern mountain bike). The Kibo is built around 26" wheels, and the Clem in 59cm (for a 6ft tall rider) takes 29x2.4" tyres. The Rivendell would have to be imported, and sizing might be dodgy. There's a jump from 52cm to 59cm with nothing inbetween, and I'm not sure about standover clearance with the 59cm. Also, I appreciate that these bikes could be awful to ride off-road, but then again, they might suit me just fine!
Are there any UK builders who know mountain bike geometry and who could build something which looks retro but which rides well and which might incorporate some up-to-date thinking?
Kona humu is what I'd be looking at.
Not in the UK, but Retrotec / Inglis cycles might be worth a look for inspiration if nothing else.

Just buy an original retro and get it restored? All the parts you'd need are available.
What do the above offer that the originals don't, especially the 26" one?
Bobbin Wagtail is probably well under your price/quality range, but just been reduced from £595 to £415 for the complete bike...
https://bobbinbikes.com/collections/adult-bikes/products/wagtail?variant=32867736961

I've got a Muddy Fox courier comp which looks like that - needs a respray mind. In East Lancs if you're interested - it's cluttering up my office so it could go for the price of a decent bottle of red.
Weird how these old bikes from the 80's had really long chainstays, really short stems and really slack head angles, almost as if we got it right first time then went all roadie with 110mm stems and steep angles.
There's a Kona Smoke on ebay at the moment which is pretty much an early 90's Kona scaled up to 29" wheels.
I think you probably need to decide what it i you actually want first, there'll be a whole world of difference between something that actually belongs in the 80's, and something that's just styled to look a bit classy like a Singular Swift etc which will ride a whole lot better.
If I wanted a bike like that I'd start by looking in the local Cash Converters/dump/canal.
Not as retro as the above, but how about a Stooge?
Some of the builds look similar to the above, especially with klunker bars. The geometry is a bit more modern and runs an EBB too.
I have a Saracen MTB which I bought new around 1994. I'm only just thinking about getting into mountain biking (I've been more of a road rider) and the geometry of the Saracen is a bit intimidating off-road with its high saddle, big drop to the bars, and long stem. As ThisIsNotASpoon says, it's almost like the earlier MTBs had better geometry for non-XC style riding.
Both Stooge and Swift have been (are) on my shortlist - I just can't decide which way to go. Although a new slack/long travel FS or hardtail bike is obviously going to be much more capable, I'm still strangely drawn to the older style bikes. However, it wouldn't just be for a restoration project, as I'd want to use the bike, and have rides across the Cairngorms in mind, with some bike-packing thrown in. I'm not likely to attempt any stunts, but I'd like to make it down the hills at a sedate pace without my heart being in my mouth.
Indulge both head and heart
Get a proper, new, mtb for riding (whatever your budget is, minus £50)
Spend remaining £50 on a retro bike for looking at.
edit, seeing as you already have the Saracen, your budget for a new bike just went up £50...
Might be your cup of tea (I was tempted)
http://freshtripe.co.uk/velo-orange-piolet-frameset-pre-order-landing-april/
I have a Saracen MTB which I bought new around 1994. I’m only just thinking about getting into mountain biking (I’ve been more of a road rider) and the geometry of the Saracen is a bit intimidating off-road with its high saddle, big drop to the bars, and long stem. As ThisIsNotASpoon says, it’s almost like the earlier MTBs had better geometry for non-XC style riding.
That's not really what I meant though. I started MTBing on an ancient Raleigh Maverick, much as I had some good times on it, it was not an Enduro bike despite what the angles would suggest! It was painful going uphill, and unstable going down.
Geometry as it was mid 90's (71deg head angles and 110mm stems) up until 5 years or so ago did work perfectly well, and still does for XC riding, and I mean that right upto the technical XC courses at the world cup, not the stereotype of riding around on canal towpaths.
From what you've said I'd look at any one of a number of steel hardtails from Genesis (Longitude, or maybe a Tarn), Singular (Swift) , Salsa (El Mariachi), Surly (Karate Monkey), Pipedream (Sirrus), On-One (Inbred).
Or just go completely the other way and get a modern FS bike, or even just a modern hardtail as even XC bike have shrunk back to 90mm stems.
As has been mentioned a 1994 bike will have been right at the peak of bum up, head down XC geometry. Look towards the mid to late 80's and you'll find bikes like those above. A 1988 Saracen Tufftrax would fit the bill and they cost buttons.
I have a retro Rockhopper used for 100 yards on tarmac, been under a bike cover for 25 maybe more years. It is 7 speed only with crisp Gripshift some on here may not know what they are, team master front and rear specific tyres with no cracking but all the wee cling ons still on. Classic Specialized red paint no marks and double butted cro-mo frame
I could be tempted to sell, im sure its a 19" maybe a wee bit big for average Joe but could be a cracking all day off road bimbler/tourer as it has eyelets for a rack
Google Ted James Designs & check out his 953 stainless mtb with custom shaped tubes & lefty fork. Lots of manipulation there, can build whatever your heart & wallet desires.
Also Google images "Hack Bike Derby" it may inspire, or scare you into a carbon gnarpoon.
I have a Kona Smoke 29er. It's been a great bike, used for commuting duties for years until retired for a gravel bike. Currently undergoing surgery to add a disc mount to it and to be reborn as a rigid forked winter mud/snow commuter. Has all the good bits of steel retro bikes but with the useability of 29" wheels.
Are we at that point? Has it finally come?
The point where old MTBs become fashionable again. Just like the hipster asshats tooling around Hoxton on 80s "racers", are we about to see a slew of fashionistas "rocking" this look?

(It's the light brackets that seal this one!)
Just like the hipster asshats tooling around Hoxton on 80s “racers”,
Hoxton is all city boys and lairy stag nights these days, the hipsters are long gone...
Kona humu is what I’d be looking at.
Never been a fan of the double top tube, but I guess it means it should last forever!! 🙂