To me Craig it sounds a "little" over priced.
I recently had a lot of paint work done on my Zed and I had some bubbling just below the fuel flap on the rear wheel arch. They had to cut that out to do a proper repair on it and it would probably cost you around £300-£400 to have that done alone. Just a guesstimate.
Edit: Beaten to it. Confirmed too expensive then.