The acquisition is expected to accelerate MW Eat’s growth strategy, with Fairfax planning to make “significant investments”, pursue international expansion, and explore new restaurant formats.
MW Eat – which also operates the Michelin-starred Amaya and Veeraswamy – is regarded as one of London’s most influential restaurant groups having been the first restaurant in the capital, and quite possibly the world, to make the argument that - just like Western cuisine - Indian food could be elevated and served in a manner that was both upmarket and creative.
The business, which today comprises three fine-dining restaurants and four Masala Zone sites, was founded by husband and wife Namita Panjabi and Ranjit Mathrani with the launch of Chutney Mary in 1990.
Namita’s sister, Camellia Panjabi, a former main board member at Taj Hotels, joined the business in 2001.
Given it was a private transaction, no price has been disclosed, but Restaurant understands that the valuation recognises the full worth of the business and its potential for global expansion.
In its latest audited accounts, MW Eat reported EBITDA of £6m on turnover of £31.8m.
Veeraswamy, one of the UK’s oldest Indian restaurants, is currently closed following The Crown Estate’s decision not to renew its lease.
The group is taking legal action in a bid to secure an extension and has even petitioned King Charles to save the restaurant.
The trio will continue working with Fairfax to ensure “a seamless handover” as the group embarks on its next phase of expansion. Fairfax is expected to announce a new management team to eventually replace the current senior leadership in the near future.
It is understood that the three directors have been considering an exit for several years, but progress was disrupted first by Brexit and then by Covid.
MW Eat’s growth plans will also benefit from Fairfax’s understanding of the Indian business landscape and its track record of major investments in the region, including Bangalore International Airport; Thomas Cook (India); and Sterling Holiday Resorts.
Fairfax Financial Holdings is overseen by Indian-Canadian businessman Prem Watsa. As the owner of Recipe Restaurant Group – the largest full-service multi-brand restaurant company in Canada -it has significant experience in the restaurant space.
MW Eat group director Camellia Panjabi said the acquisition marks a transformative chapter for the business.
“Fairfax brings financial strength, global perspective, vision and a long-standing commitment to India. 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. The three MW Eat directors look forward to supporting Fairfax to take our unique brands global. Our committed staff, backed by the new owners, will make this happen.”
Prem Watsa, chairman and chief executive of Fairfax Financial Holdings, added: “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. 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.”