MW Eat, which owns some of the UK’s most well-known Indian restaurants, on Tuesday announced that it has been acquired by affiliates of Canada-based Fairfax Financial Holdings Limited as part of a global expansion and growth strategy.
MW Eat operates Chutney Mary, Amaya and Masala Zone restaurants as well as Veeraswamy, one of London’s oldest Indian restaurants attempting to hold on to its historic location on Regent Street.
The company said the acquisition will help accelerate its growth plans, as Fairfax is expected to make “significant investments” in the group to pursue international expansion aligned with the “successful brand values and explore new restaurant formats”.
“This acquisition marks a transformative chapter for MW Eat. Fairfax brings financial strength, global perspective, vision and a long-standing commitment to India,” said Mumbai-born restaurateur and author Camellia Panjabi, Group Director of MW Eat.
“These qualities perfectly complement MW Eat’s heritage and future ambitions. We have developed excellent restaurants with excellent people whose career opportunities will be enhanced by the new investment and ambitions of Fairfax. MW Eat is in very safe hands,” she said.
Panjabi, who recently launched her latest cookbook ‘Vegetables: The Indian Way’ at Masala Zone in London, said all three directors of MW Eat – including her sister Namita and brother-in-law Ranjit – will support Fairfax to take the company’s unique Indian restaurant brands global in a “seamless handover”.
“Our committed staff backed by the new owners will make this happen,” she added.
MW Eat, which dates back to its first Indian fine-dining offer Chutney Mary in 1990, said the expansion plans will also benefit from Fairfax’s deep understanding of India’s business landscape.
The Toronto firm has several major Indian investments under its belt, including Bangalore International Airport, travel and foreign exchange major Thomas Cook (India) and leisure hospitality group Sterling Holiday Resorts.
“We are delighted to welcome MW Eat into the Fairfax family. The leadership team at MW Eat, led by Ranjit, Namita and Camellia, has done a terrific job building a number of iconic restaurant brands, and we are very pleased to take stewardship of these brands in the years to come,” said Prem Watsa, the Chairman and Chief Executive Officer of Fairfax Financial Holdings.
“We are familiar with hospitality businesses through our operating subsidiary Recipe Restaurant Group – the largest full service multi-brand restaurant company in Canada – and we remain optimistic about the potential for MW Eat over the long term,” he said.
Meanwhile, it remains to be seen how this acquisition would impact Veeraswamy’s future at its site leased from the Crown Estate in the heart of London.
Earlier this month, some of Britain’s leading chefs had appealed in favour of the Michelin-star restaurant to hold on to its nearly 100-year legacy dating back to April 1926.
The Crown Estate, the landlord of Victory House which houses the restaurant at Regent Street, has said that it needs to carry out a “comprehensive refurbishment” to ensure the building meets modern standards.
While Veeraswamy’s lease expired at the end of June this year, a legal action under its protected tenancy rights means it will continue to trade at the site until a court hearing expected next year.
