Rex Restaurants, the company owned by entrepreneurs Chris Corbin and Jeremy King, has secured the much sought-after former Oriel restaurant site in London’s Sloane Square, on which they plan to open a sister restaurant to the hugely successful The Wolseley. The new venue, which is yet to be named, has been described as a true all-day “grand café”, providing eating and grazing from breakfast through to later evening. The 6,000sq ft restaurant is scheduled open prior to next year’s Olympics. Corbin and King are believed to have fought off stiff competition for the site, with Richard Caring also thought to have shown an interest. The Oriel brasserie in Sloane Square, had been a local landmark for 25 years, before it was shut in early 2010 by landlord Cadogan Estates, after it decided not to renew its lease. Lord Cadogan, who owns 90 acres of London property, said after dining there in May 2008: “I didn't like the food and the prices are far too high. I can tell you that we won't be renewing their lease when it expires in two years' time. We are going to have a new development there.” Speaking after the deal with Rex Restaurants, Lord Cadogan said “I am delighted to announce that we have agreed a lease with Rex Restaurants at 50-52 Sloane Square, the former Oriel Restaurant. I look forward to the opening of this exciting new venture in Sloane Square which I am confident will be of benefit to the whole area”. Hugh Seaborn, chief executive of Cadogan said “The response to this iconic site was overwhelming and it proved to be a very difficult job in deciding on our preferred partner as the calibre of interested parties was outstanding. In keeping with our long term stewardship of the Estate, we have taken great care to select a partner who will compliment Sloane Square and the surrounding area”. Davis Coffer Lyons acted on behalf of Cadogan. Rex Restaurants is believed to be currently 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.