Foundation Inns, the pub company led by Gavin Drew and Ian Grundy, has unveiled a 56.1% jump in outlet ebitda for its most recent financial year on sales up 22.7% to £2.6m. The company, which operates six sites – five freehold and one leasehold – said like-for-like sales were up 12.9%. At a pre-tax level, the group posted losses of £0.54m, down from £1.75m a year ago, relating to non-cash items, for the year to 27 March 2010. The company, which was established in 2007 via the government’s tax-efficient enterprise investment scheme (EIS), said it was drawing up plans to sell a pub - the White Horse in Chelmsford and is marketing the property at about £400,000. Christie & Co is handling the sale. Foundation Inns also operates Flagstone Inns, which runs sites for the Close Imperial Pub Companies, also formed in 2007 under another EIS.

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