Joint owners Jason Bedford and chef Warren Lee both worked at Chelsea's rather more frou-frou The Collection; you get the feeling that it's a relief for them to sink their teeth into something a little more butch.
The menu is masculine-Brit - potted Yorkshire ham hock, roast leg of English lamb for two, Barnsley chop - with only the occasional foray into the likes of ravioli and carpaccio for levity.
It's mostly pretty much on the money, with the occasional slip: too salty, slightly thin 'London Particular' (pea soup: geddit?) served in an attractive, oversized cup and saucer.
Or one of the menu's few lighter choices of seared scallops with peas, bacon and lobster sauce, none of which have much to say for themselves; its recipient describes it as 'wedding food'. And simply poor 'creamed' mashed potatoes - little evidence of butter, cream or even milk. We leave them virtually untouched, but no comment is made.
Otherwise, it's good stuff: soft, mulchy black pudding with smoked bacon and a perfectly poached egg that weeps its golden, emollient yolk on to the pudding. Sirloin steak has the depth of flavour and melting texture that talks of quality meat and judicious dry-ageing.
There is a textbook Bakewell tart: densely almondy but with light, super-short pastry; all it lacks to make it sublime, according to the pal, is Bird's Custard. And a fantastically savoury Welsh rarebit with a lick of Guinness which is served, sadly, tepid.
Prices aren't silly - unless you hit the dizzier heights of the creative, posh fizz and grande marque-heavy wine list. But even here common sense prevails; they've installed both the Enomatic and Le Verre de Vin wine systems, which allow you to try even the loftiest vintage by small carafe or glass, albeit a glass that can wind up costing 45 quid.
A frisson of City life intrudes as we watch the deals being cut by pacing suited dudes in a glassed-in corridor that leads to the loos.
There's no doubt as to the target audience. So, is it the business? Not quite. But with its relaxed, unstarchy attitude, flexible and approachable menu (there's even breakfast) and buzzy, brasserie appeal, it comes close. A whole lot closer than the pretentious, misjudged, we-ain't-no-common-or-garden Shêd.
A meal for two with wine, water and service costs about £90. 34 Threadneedle Street EC2. Tel: 020 7628 0001. www.themercer.co.uk Tube: Bank
