Chelsea football player Ashley Cole and US rap star Jay-Z plan London restaurant

Chelsea football player Ashley Cole and US rap star Jay-Z have announced plans to open a new restaurant and bar in London next year.

Serving an American-themed menu, the 40/40 London project aims to gives first option on jobs to talented, long-term unemployed young people. It will also pass on a percentage of monthly profits to local youth charities for music and sport projects in deprived communities.

NVA Entertainment Group (NVA) brokered a multi-million pound deal that will see Cole and Jay-Z work together on a number of new ventures. The 40/40 London will be the first project by the partnership.

The management team will appoint a "top chef" to deliver the menu while a shortlist of three potential sites is under consideration with a final decision expected in August.

Jay-Z described London as one of the most vibrant and exciting cities in the world and the perfect location for the new venue

Cole added: "I am delighted to be working with Jay Z I have grown up listening to his music and now to be doing business with him is amazing and the projects we do will be delivering much needed funds back into sport and music on a local community level as well as helping talented young people get back to work."

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By Janie Stamford

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