From what I can see from the (just released) Thorn accounts,...

From what I can see from the (just released) Thorn accounts, their consumer leasing business has a receivable of 54m which has a 18m provision...so a net asset of 36m (perhaps we can recover some of that 18m provision).

The Radio Rentals business is wholly online, so it seems like an extension of CCPs ANZ lending business; it seems like Radio Rentals will be a natural fit with this business in leveraging customer knowledge and being able to extend that to consumer assets (just had a look and it appears you can buy not only whitegoods, but also all electronics and furniture too).

$60m does seem a little expensive (Thorn's announcement mentions 45m net which seems more appropriate), but I suspect they are paying up for not only the client base but the Radio Rentals IP which connects any purchase with whoever is supplying the goods. Prior to covid, the Radio Rentals business was much much bigger (albeit with a physical presence too), but perhaps CCP mgmt are expecting some growth return in this space........having said that, with mgmt's track record, I'm sure they have built in enough buffer to deliver the numbers they need so comfortable to continue to do what they do best.....generate returns for shareholders