Equipment finance companies that managed their businesses well...

Equipment finance companies that managed their businesses well have done very well - for eg; Axsess today and Silver Chef (until they screwed up their diversification). Moreover it is not a question of either/or but both business segments. Thorn have done the hard work in establishing EF as a profitable segment and it will serve well as a risk diversification. It makes for a more stable business and should be kept and grown.

Also your point that there is not enough of a customer base in consumer finance makes a strong case for diversification. There are inherent risks as we found out already which will justify a lower valuation on its own without a broader base.