Fairfax buys MW Eat with plans for expansion

FRFFF 0.00% CAM.L -0.49%

Canadian investment group Fairfax Financial Holdings has acquired UK restaurant operator MW Eat in a private deal.

The new owner has signalled plans to expand the business internationally.

The transaction, whose financial details were not made public, sees Fairfax take control of the group behind London Indian restaurants Amaya, Veeraswamy, Chutney Mary and the Masala Zone chain.

MW Eat was created by Namita Panjabi and Ranjit Mathrani, who opened Chutney Mary in 1990.

They were later joined in 2001 by Camellia Panjabi, previously a board member at Taj Hotels.

The three founders are set to remain involved with the company and work alongside Fairfax to manage the transition.

Camellia said: “This acquisition marks a transformative chapter for MW Eat. 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.

Fairfax, led by businessman Prem Watsa, is expected to commit further capital to back MW Eat’s expansion.

The group is examining new restaurant concepts and formats as part of its growth plans.

Camellia said: “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”.

The development strategy is expected to draw on Fairfax’s experience in India, where the Canadian firm has previously committed funds to Bangalore International Airport, Thomas Cook India and Sterling Holiday Resorts.

The deal comes at a time when Veeraswamy - known as one of the UK’s oldest Indian restaurants - is contesting a decision by The Crown Estate not to extend its lease.

"Fairfax buys MW Eat with plans for expansion" was originally created and published by Verdict Food Service, a GlobalData owned brand.

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