i obvs expect the owner to give me the 60 quid back as its a small price to pay if you can get your bike worth 300 quid back.
what if the owner can't afford the £60? will you just keep their bike? you should have just told the police where you saw the guy and given his description. that way, the bike may have been sold to the next person, but at least there'd be a chance of stopping future thefts.