This Mayware Mk.V was the last in the Formula tonearm range. All being Unipivot, silicone dampened arms, designed to reduce fatigue and give a more natural presentation, compared to traditional gimbal tonearms. Info is sparse regarding these arms, however they started out being relative budget arms, with the Formula 4 Mk.III released in 1979 for £69.50. The Mk.V was the culmination of the series, improving yet further on the highly successful Formula 4 Mk.III; featuring increased rigidity, dampened arm tube etc.
Like many light weight and unipivot arms, they should be matched with a high compliance cartridge, which tends to rule out many moving coil (MC) cartridges. Low compliance carts require more tracking force and will vibrate too much for low mass like this to handle well. High compliance cartridges are less fashionable these days, so one may want to look for a New Old Stock (NOS) vintage cartridge to partner it with.
This example looks to be in excellent condition and benefits from an upgraded cable. Another Mk.V in good condition and boxed recently sold from a dealer for £220.