Losses cast doubt on Asda card firm

CITY A.M.

- SIMON HUNT

THE company behind the Asda credit card has flagged “material uncertainty” regarding its capacity to remain operational after recording expanding losses.

Jaja Finance, a fintech venture co-owned by billionaire Mohsin Issa and private equity house TDR Capital, revealed it had “substantially advanced” but not yet finalised a fresh debt restructuring, generating uncertainty which “cast significant doubt on the group's ability to continue as a going concern”.

Auditors S&W also highlighted Jaja’s impairment evaluation of its subsidiary investments, which they stated “incorporates significant management judgement and estimation uncertainty about future cashflows.”