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How many phones would one have to pinch to earn that kind of money?
50-100 phones at £100-200 each?
But my understanding of it is that once a phone is stolen they can often do contactless payments from it and all sorts of other fraud with the details they can recover from it, my estimate will be high.
I was recently talking to someone who works with young offenders about this.
A large part of the trouble is that it isn't kids nicking these things to sell down the pub. It's stealing to order for them to be shipped out of the country (to defeat the sim lock) and you can earn £5,000 a week doing it.
Earning that kind of money it's difficult to convince youths that this isn't a valid option (even the ones who've been caught) even if it does become a bit risky. Cutting out that part of the chain will stop it happening.