But it wasn't a business case, but it was definitely a political case.
The scenario at that time was Network Rail was massively overspending on electrifying points west of Paddington, thereby killing off all hope of electrifying less used lines. The then Transport Secretary, one Chris Grayling, was in a bind and, being ambitious (how we can laugh now at his misplaced ambition) and wanting to look good, he pushed hard for bi- or tri-mode trains that would eliminate the (then substantial) risk of Network Rail making him look like an idiot.
Porterbrook, looking at its soon to be off-lease 319s, heard the call and proposed a cut-price alternative to ordering new stock.
And here we are.