I've been looking at a Peavey Bandit 112 as my next amp to upgrade from a Roland Cube 15. Listened to a ton of samples from it and it seems to sound great for everything i'd ever want it for like Metal, some RHCP style cleans and sometimes a bluesy tone. Also, its right within my £250 budget for a new amp.
Main question is, any reasons why I shouldn't buy one and go for something else?
Well I personally don't like the distortion on the amp that much because it seems a little muddy/not sharp, but with a distortion pedal through the vintage clean, the distortion is amazing. It's not that much of a problem, but you might want to demo it before buying it. You're right about the cleans. My main point is try it out first and see if you like it.
theres no reason you shouldnt buy one .Ive had mine for about two years now and have never been happier,crystal cleans and no shortage of volume I mean you will never get past 4 at least not in your house anyway as for the distortion its not that bad quite versatile actually but thats player preference.As the guy said try it out you might impress yourself .
The distortion isn't muddy if you EQ the amp right.

I have one, and it's pretty good. One of the better solid-states out there. The cleans aren't that great, but they are usuable.

And the amp is loud. I don't think you will be going past 2 at gigs because your amp will most likely be mic'd.