depends how you use the 50 devices, there are shortcuts you can take if you are only writing the same data to all devices, or only interacting with devices one at a time. That said all of those require a custom board. Assuming the worst case, you really need a tx/rx buffer per channel.
I am assuming this is a one-off job, and you are not going to be making many 50 port serial adaptors for people. Before designing something maybe you should consider off the shelf options.
if you need high reliability, you can buy 16 port pci-express RS232 port cards for around the 150 gbp mark, and 3 of those would get you close enough that with the internal rs232 ports you would be fine. Total cost 450 gbp
a cheaper option would be buying a load of usb-rs232 dongles, that can be had for 4.15 usd each. Total cost 135gbp
beating 4 dollars a channel is going to be tough on a custom board solution for a one off pcb, when you have connector, rs232-whatever ic, etc per channel. Personally I wouldn't bother doing a board for this unless there was a real good reason the usb dongles couldn't work.
Edit: I of course agree with nctnico that if you have control over the design of the device being connected, then RS485, usb, or Ethernet would all be more suitable interfaces.