Fisher & Paykel Appliances yesterday said they decided to retain rather than sell their finance company business after a four-month sale process failed to solicit an adequate bid.The finance arm supports the firm's sale of whitegoods in New Zealand as well as operating the Farmers card consumer finance business.The firm said in December that it provided detailed financial data to 10 interested parties, most of whom were probably tyre kickers. However, the dour state of the finance company sector in New Zealand (where about a dozen, smaller firms failed over the last two years) and the elevated cost of funding for all borrowers have cut the value.These factors were almost as relevant in November when FPA put the finance arm on the market as they are now. One factor that may have changed is the interest of GE Money (the presumed leading bidder). GE's consumer finance business is presumed to be subject to even more rigorous profit hurdles than before as management of General Electric respond to the losses generated in some corners of its finance arm.F&P Finance had assets of NZ$352 million at September 2007, and earned a profit equal to 1.9 per cent of assets and 20 per cent of net assets