Geronimo Inns, the privately-owned pub group, has reported a lowering of losses last year as turnover increased thanks to the acquisition of new sites. Figures filed at Companies House show a pre-tax loss of £858,000 for the year to 30 June 2010, compared with a loss of £1.1m a year ago. The losses relate largely to the way the company is structured. It is highly leveraged and the equity held by Penta Capital and its founders Rupert and Jo Clevely sits on the balance sheet in the form of loan notes, also attracting interest. At an ebitda level, it is thought the group produced earnings of £6.1m. The company, sold to Young’s for £60m in December, saw turnover increase to £18.4m, from £14.9m a year ago, thanks to the purchase of two London leaseholds - the Clarence and the Adam & Eve - and its new venture, the Bull in Westfield shopping centre. The company also sold its 39% stake in Tomahawk Pubs for £99,960 in October 2010. In November it bought the Surprise pub in Chelsea.