Audio Note is an English company run by a Dane; I was surprised to see the M2's rear sporting a "Made in Canada" label.
I looked first at the phono stage. When I took its output from the tape output jacks, the voltage gain at 1kHz was 48.5dB, implying that the M2 will work well with moderate-output MC cartridges. Confirming this, the overload margin ref. 500µV at 1kHz was an excellent 25dB at low and midrange frequencies, dropping to a still good 20dB at 20kHz. Even though the phono stage's input impedance is specified at 47k ohms (I measured 53k at 1kHz…