I would have thought some years before you got any return on your 'investment,' but seeing some of the transactions on eBay, (excluding those for utter repros, toys and plain 'junk'), you could probably turn it around next week - especially if you lie which they seem to have no concern about unless you are a major brand name organisation that has the money to take action.
As mantioned above, it is an arm badge from an RAF uniform (non-commissioned ranks only).
The bird represented is an albatross.
Unfortunately, it's not worth very much as there are many thousands on the market. However, badges like this can make a solid base for a themed collection. You could build on this with the many RAF badges but still keep it manageable as there are nowhere near as many RAF badges as Army for example.
It's the RAF arm badge, as others here have stated.
This one is from the right shoulder of the uniform, as the albatri face backwards, so you could find a similar one where the bird faces the other way (for the left shoulder).
This one appears to be on a dark blue felt back ground, and so is probably early WWII. By 1944 most of them were printed on blue canvas instead as an economy measure. (these are some of the hardest to find today, yours is second most difficult).
In the early 1950's they went back to the embroidered style, but on a lighter blue background, the same colour as the uniform. I think that this is what they still use today.
So your badge is probably over 60 years old, and is a good place to start collecting. And £2 is quite reasonable for one from that period.