Rivington Street Holdings (RSH), the Isle of Man-based financial media and services group, has acquired the Cantina Augusto restaurant in London’s Clerkenwell, which it says will be the first step in establishing a branded chain of Italian restaurants.
Rivington has acquired the restaurant, which is one of the oldest in London, through its subsidiary Rivington Street Ventures (RSV). RSV paid £1 to acquire the assets and liabilities of the Plus-quoted Cantina's Clerkenwell restaurant and has taken on liabilities of approximately £220,000.
Tom Winnifrith, chief executive of RSH, told M&C Report that RSV was in negotiations to take on the lease of a second site in London and would be seeking further sites in the capital.
Although he would not disclose the name of the new brand, Winnifrith said the refurbished restaurant would reopen on 11th April and would specialise in “quality Italian food, with a unique twist”. The price for a main course is expected to be between £8 to £12.
Winnifrith said the new restaurant and expected roll out would be overseen by “an experienced restaurant operator” who is currently not working in the sector.
Winnifrith said: “We have experienced in-house management expertise in the restaurant sector. We expect very rapid returns and a platform for growing another cash generative non stock market related division within the Rivington Group.”
Founded in 2004, RSH provides services to over 100 companies quoted on the AIM and Plus markets and to over 80,000 private investors through its six wholly owned subsidiaries.
Cantina Augusto, which floated the Clerkenwell site at the end of 2007 in order to raise funds to acquire other premises, ceased trading its Pucci Pizza site in February.
In a statement it said: “The board considered that this sale is in the best interests of the company as it struggled to overcome the restaurant's losses, which were exacerbated by the continuing economic downturn.”
