Highlights
- MW Eat sold to Fairfax Financial Holdings for undisclosed sum.
- Veeraswamy, opened in 1926, currently locked in court battle with Crown Estate.
- Founders to continue working with new owners for seamless transition.
MW Eat, which operates the Michelin-starred Veeraswamy alongside restaurant chains including Chutney Mary, Amaya and Masala Zone, has been bought by Toronto-based Fairfax Financial Holdings for an undisclosed sum.
Veeraswamy has been based in Victory House off Piccadilly Circus since 1926 and has served high-profile guests including Charlie Chaplin and Mahatma Gandhi over the years. However, the restaurant faces potential closure as the Crown Estate wants to reclaim the building to extend the ground floor reception area serving offices on the upper floors.
The Crown Estate management announced last summer it would not renew Veeraswamy's lease, which expired at the end of June. Due to legal action, the restaurant will continue trading at the site until a hearing scheduled for next spring or early summer.
Prem Watsa, chairman and chief executive of Fairfax, noted that MW Eat's team "has done a terrific job of building a number of iconic restaurant brands, and we are very pleased to take stewardship of these brands".
Fairfax is a holding company primarily engaged in property and insurance but has hospitality experience. Its operating subsidiary Recipe Restaurant Group is reportedly Canada's largest multi-brand restaurant company.
Founders stay on
MW Eat was founded by Namita Panjabi and Ranjit Mathrani with the creation of Chutney Mary in 1990. Camellia Panjabi, a former main board member at Taj Hotels, joined in 2001. The trio will continue working with Fairfax to ensure a "seamless handover".
Camellia Panjabi, group director of MW Eat, told The Times "This acquisition marks a transformative chapter for MW Eat. Fairfax brings financial strength, global perspective, vision and a long-standing commitment to India. We have developed excellent restaurants with excellent people whose career opportunities will be enhanced by the new investment and ambitions of Fairfax."
The company noted that the acquisition will accelerate MW Eat's growth strategy as Fairfax plans to make significant investments to pursue international expansion.
