West Cornwall Pasty Company, the Gresham-backed retailer, swung back into profit in the year to 25 February 2011, after incurring a loss during the previous 12 months on the back of onerous leases and refinancing costs. The company reported a pre-tax profit for the year of £374,591, compared to a loss of £273,989 the previous year. Turnover for the year rose from £25.82m to £26.8m, while operating profit stood at £554,21, up from £22,906 in 2010. West Cornwall Pasty Company, which has 70 sites, completed a refinancing in August, which saw its private equity backers plough more money into the group to cover bank debts. The company, which is led by Gavin Williams, incurred costs of £177,237 (2010: £301,009) during the year on the back of the refinancing. The group, which was originally founded by the Cocking family of Falmouth, opened three new shops during the year, plus three new units at Twickenham Rugby Stadium. It said it had a small number of loss making shops and closed seven sites during the year. The company said that after carrying out a review of the remaining loss making sites, the provision for onerous leases had been reduced by £205,000. In a the full year reports filed at Companies House, the group said: “Based on cash flow forecasts the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to continue to meet its bank loan payments and to operate within its bank covenants.” The group signed an agreement with Moto Hospitality earlier this year to initially open 28 kiosks at its motorway service areas over the next 10 years. It said it was well ahead of its opening schedule, with 14 units planned in the first six months.