London-based private equity firm Graphite Capital has invested £21 million in Rex Restaurants.

The business, which is currently owned by restaurateurs Chris Corbin and Jeremy King, operates London locations including The Wolseley and The Delaunay.

The pair also introduced Le Caprice, The Ivy and J Sheekey to the London restaurant scene.

The investment is part of plans to open a new Parisian-style brasserie with live music at a site near Piccadilly Circus. In 2014 Rex Restaurants will launch a 5-star boutique hotel in Mayfair.

Andy Gray, senior partner at Graphite Capital, comments, ‘With a highly experienced and respected management team, in a sector where we have achieved considerable success, Rex perfectly meets Graphite’s key investment criteria.

‘Arguably the best restaurateurs of their generation, Corbin and King have particularly impressed us with their visionary approach and their attention to detail.’

King says, ‘[Graphite’s] knowledge and experience of the leisure and property sectors will be invaluable to Rex, as we embark on the next exciting phase or our development.’

Graphite Capital has had investments in household names such as ladies fashion retailers Jane Norman and Kurt Geiger, as well as electronic games chain Game and noodle restaurant business Wagamama.

Its current leisure and property investments include The Groucho Club, The Third Space and London Square.