Rex Restaurant Associates, the company owned by entrepreneurs Chris Corbin and Jeremy King, the men behind London’s The Wolseley, swung back in to profit in the year to 31 March 2011. The company reported a pre-tax profit of £2.99m for the year, against a loss of £3.1m in the previous 12 months. Operating profit stood at £3.08m, significantly up from £265,122 the previous year, while turnover increased slightly from £11.37m to £11.5m. Results for the years were boosted by an exceptional gain of £2.22m arising from the conversion of a loan to equity in the group’s former operation, the West End-based St Alban, which closed at the end of 2009. The group said that the year had been one of consolidation with The Wolseley’s trading performance remaining consistent. It said that it believed that the restaurant would continue to build on its reputation and increase revenue during the coming year. According to reports earlier this week, Crobin and King are poised to regain full control of their restaurant business The pair are believed to be in the final stages of negotiations to reacquire the 50% share of the business that fell under the control of administrators BDO LLP, when financial services firm Dawnay Day collapsed in 2008. The pair, who recently announced plans to open a new restaurant called Brasserie Zedel on the site of the former Regent Palace Hotel, plan to sell a stake in Rex Restaurant to a series of smaller investors to help fund expansion. The group will open its latest restaurant venture, The Delaunay, later this month in London’s Aldwych. The new venture, which is named after the luxury French car maker, will be an all-day café-restaurant “inspired by the grand cafés of Europe” and will be located on the corner of Drury Lane and The Aldwych.