BOSSES of South-ampton restaurant La Margherita have spent almost £1m on a new restaurant/bar in the city.

Costs have spiralled from initial estimates of £300,000 to create the venue in Bedford Place, which is set to open mid-August, creating 40 jobs.

Called 90 Degrees at Carltons after its location on the corner of Carlton Place, the three-storey building has been gutted and refurbished from previous incarnations as Harvey's bar and Mia Casa.

A 110-cover restaurant will serve "gourmet English cuisine", with joint owner Nikos Raftopoulos aiming to "put the pride back" into the nation's food culture.

He said: "I have been hunting for a property in Bedford Place since January 2002. I've been waiting to find the right spot and I've done that. What we have spent is very, very close to £1m. When we started all this off we thought it would be about £300,000.

"I think Bedford Place has a lot of professionals and they have got very limited choice at the moment as to where they can go.

"We want to give them a new opportunity.

"I believe that Bedford Place is the place to be.

"It always has been in the past. Back in the 90s it was, then it faded a bit and now I believe it will be back again."

A Southampton institution, La Margherita was founded in Commercial Road in 1973 by former QE2 wine waiter Franco Fantini, who is a sleeping partner today.

The business moved to its current home in Town Quay, where it opens from midday until 3am most days, almost nine years ago.