West Cornwall Pasty Company, the Gresham-backed retailer, has reported an increase in sales but unveiled a pre-tax loss of £274,000 after it was hit by onerous leases and refinancing costs. Accounts for the year to February show the company saw turnover increase to £25.8m, up from £24.9m. However onerous lease provision of £1.3m and £301,000 worth of refinancing costs saw it make a loss, in comparison with the £324, 500 profit it recorded a year earlier. West Cornwall Pasty Company, which has 73 sites, completed a refinancing in August which saw its private equity backers plough more money into the group to cover bank debts. Richard Nieto, the chief executive, stood down earlier this year and has been replaced by Gavin Williams. The group was originally founded by the Cocking family of Falmouth.