A Battersea millionaire is on trial in Australia accused of sexually assaulting a woman on Bondi Beach.

Greg Cox, 31, founder of British company Quintessential Finance Group, is facing two charges of having sexual intercourse with a 21-year-old woman without consent in January last year.

Mr Cox, who admits to having sex with the woman but has said it was consensual, is said to have met his alleged victim at a beach bar in Sydney, as each sat drinking with friends at adjacent tables.

The alleged assault is said to have taken place on January 22, last year.

The trial at the Downing Centre District Court continues.