Pramod Thomas is a senior correspondent with Asian Media Group since 2020, bringing 19 years of journalism experience across business, politics, sports, communities, and international relations. His career spans both traditional and digital media platforms, with eight years specifically focused on digital journalism. This blend of experience positions him well to navigate the evolving media landscape and deliver content across various formats. He has worked with national and international media organisations, giving him a broad perspective on global news trends and reporting standards.
SUPERMARKET chain Asda has borrowed an additional £155 million to address its mounting financial challenges, seeking to alleviate growing concerns about its financial stability.
The supermarket, co-owned by TDR Capital and entrepreneur Mohsin Issa, confirmed that lenders had approved a top-up to an existing loan maturing in 2031. The funds will be used alongside £155m from its balance sheet to pay off £310m of debt due in 2025 and 2026, reported the Telegraph.
With this move, Asda claims to have eliminated all debt repayments for the remainder of the decade. The development comes after increased scrutiny of the company's financial position, with its current debt standing at approximately £6 billion, resulting in £441m in finance costs last year.
Credit rating agency Fitch had previously raised red flags about the supermarket's financial health. The agency warned of significant debt challenges, particularly a £900m bill owed to former owner Walmart, which could potentially force a restructuring of Asda's capital framework by 2027.
Market performance has added to the company's challenges. According to market research firm Kantar, Asda's grocery market share has declined from 14.8 per cent to 12.5 per cent since its acquisition in 2021, with sales dropping 5.5 per cent year-on-year.
The supermarket has been proactively managing its financial challenges. In May, it refinanced over £3.2bn of borrowing, though this resulted in higher interest rates on some debt.
Asda has recently brought in retail veteran Allan Leighton as chairman, hoping to turn around its fortunes. Leighton, who previously led the company between 1996 and 2001, has prioritised finding a new chief executive and improving the chain's competitiveness.
A spokesman said, “Asda continues to take a disciplined and proactive approach to managing its debt obligations.
“Asda is a highly cash-generative business with a strong and stable capital structure, enabling us to invest in our colleagues and new customer propositions while simultaneously reducing leverage.”
According to the report, the loan arrangement represents a strategic attempt to provide financial breathing room and restore confidence in the supermarket's long-term viability.
THE BAPS Hindu Mandir in Abu Dhabi has won the MONDO-DR Award 2025 in the “House of Worship” category, one of the top honours in the global audiovisual industry.
The awards, known as the “Oscars of the AV world”, were held at Ole Red Orlando in Florida, US.
The Mandir’s “The Fairy Tale” immersive show was selected from entries by cathedrals, mosques and synagogues worldwide for its audiovisual design and integration.
The awards are judged by an international panel and published by MONDO-DR, a magazine on technology in entertainment and architecture.
Adrian Goulder, Technical Director at VueAV, said, “What makes ‘The Fairy Tale’ immersive show at the BAPS Hindu Mandir stand apart, and so impactful, is its creativity, concept and global message.”
Swami Brahmaviharidas, Head of the BAPS Hindu Mandir, said, “We’re honoured and humbled to receive this award. This was never about just installing a show, sound systems or lighting. This was about designing an environment where every heart, regardless of background, can feel a deeper connection to universal spirituality.”
The Mandir, the first traditional Hindu stone temple in the Middle East, has earlier received the MEED Project Award (2024) for “Best Cultural Project” in the UAE and MENA region.
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