The good news is that the Wolseley in Piccadilly looks set to rival its glamorous predecessor as the place for serious business lunching. For a start it's huge, with a capacity twice as big as the Ivy's, and the lofty gothic/deco interior means that smokers can puff away without irritating neighbours.
As well as lunch you can do breakfast (full English for under £10) or afternoon tea. The restaurant also holds a number of tables every day for those who stroll in off the street.
The lunch menu is excellent and eclectic, from hot dogs to cassoulet.
A Viennese-style patisserie provides cakes and pastries.
After only a few months, the Wolseley already has the feel of an institution where business people rub shoulders with celebrities in the stylish and discreet atmosphere expected from founders - and Ivy veterans - Corbin and King.
There are a few quibbles. The service is not quite there yet and the cloakroom is not ideally located.
But the quality of the dining experience, and a great location next to the Ritz, will assure the Wolseley top marks for years to come.
Where: 160 Piccadilly, London W1J 9EB
Contact: 020 7499 6996
How much: £30 -£40 per head