Staples sells the HP Pavilion 14-b109sa Sleekbook for £349 including delivery. This is almost an Ultrabook with the only missing feature being a SSD (either on its own or part of a hybrid storage peripheral).
The 14-b109sa is powered by an Intel Core i5-3337U processor. This is a dual-core model, based on the Ivy Bridge architecture, with a clock speed of 1.8GHz which can be overclocked to 2.7GHz. It has 3MB cache and an Intel HD 4000 GPU.
Other features include 4GB of RAM, a 500GB hard disk drive spinning at 5,400RPM, Windows 8, a 14in BrightView display with a 1,366 x 768 pixel display, up to six hours battery life, a 21mm profile and weight of 1.8Kg. Obviously as one would expect, expansion and connection capabilities is not comparable to a bigger laptop.
There is no optical drive, no dedicated keypad or Bluetooth but you can still share data over Wi-Fi, via the three USB ports onboard, a card reader, an Ethernet connector and a HDMI port. The 14-b109sa also features a pair of Altec Lansing speakers with Dolby Advanced Audio.