Cantina Augusto, the PLUS-listed company, has confirmed its exit from the restaurant sector, after reporting a widening of losses for the year to the end of September 2010. Reporting its final results for the year, the company said it had entered the summer months hopeful that the Pucci Pizza unit would return to profitability. It said: “Unfortunately it did not. The small operating profits made at Cantina Augusto's Clerkenwell restaurant could not cover the company's costs and Pucci Pizza's losses. The business model was clearly unsustainable in present market conditions.” “Pucci Pizza ceased trading in February. Subsequently, and in order to preserve some value for shareholders, Cantina Augusto was sold for £1 but more than £220,000 of liabilities went with the restaurant.” The group, which floated the Clerkenwell site at the end of 2007 in order to raise funds to acquire other premises, said that consolidated loss after tax for the year ended 30 September 2010 amounted to £412,000 against £311,000 in 2009. It said it was hopeful that the company could return to PLUS as the East African Oil & Exploration Company Plc in the near future. The group said: “Our strategy is to seek out investments within the oil and energy sector with a specific focus on Africa.” Rivington Street Holdings (RSH), the Isle of Man-based financial media and services group, acquired the Cantina Augusto restaurant, which is set to be the first step in establishing a branded chain of Italian restaurants under the Real Man Pizza name. The group is in advanced negotiations on a second site in Fulham, which it hopes to open this summer, with a third opening planned before the end of the year. The roll out of the chain will be overseen by Amit Pau, former chief executive of the Indian Restaurant Group.