what engine ? at a guess id say it's a 75 or 90 bhp 1.8 8v with singel point injection
the 75 bhp is poor in the accseloration department anyway, 90 is a bit better but still slow.
give it a good service incudeing changeing the ATF that may help it but they'll never redline in drive anyway if you manualy shift it it should rev out, but revving an 8valve out is not the fastest way to drive them anyway .
but as you said what you payed for it it's going to have a few gremlins, 250 fir a car with 140 quids worth of tax and £50 of fuel in the tank it the car itself only cost you £60 so you can't loose even if weigh it in