Veeraswamy owner MW Eat sold to Canadian firm

The restaurant group behind London’s Michelin-starred Veeraswamy restaurant has been sold to Canadian financial firm Fairfax as it eyes global expansion.

MW Eat operates high-end Indian restaurants including Chutney Mary and Amaya alongside the more casual, four-strong Masala Zone brand in London.

Terms of the deal were not disclosed, but the move will see a significant sums invested into the business to open restaurants worldwide and develop new formats.

MW Eat was founded by Namita Panjabi and Ranjit Mathrani with the launch of Chutney Mary in London’s St James’s in 1990. Camellia Panjabi, the former main board member at Taj Hotels, joined them in 2001.

The three founders will continue working with Fairfax to ensure a seamless handover as the MW Eat group of restaurants is expanded.

Further details of the expansion plans were not disclosed, but Fairfax has several major investments across the Indian economy, including Bangalore International Airport, travel company Thomas Cook India and leisure group Sterling Holiday Resorts.

It also operates Recipe Restaurant Group, the largest full-service multi-brand restaurant company in Canada with more than 1,200 sites, via a subsidiary.

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.

“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, said the business was “optimistic about the potential for MW Eat over the long term”.

MW Eat saw pre-tax profits rise 31% to £4.4m in the year to 30 March 2025, while turnover was flat at £31.7m.

Veeraswamy is London’s oldest Indian restaurant and is fighting plans by the Crown Estate to end its lease as part of a wider redevelopment of its Regent Street site. The move would force the closure of the restaurant, which opened in 1926 and has been owned by MW Eat since 1997.

The Soho Society has submitted an application on behalf of the restaurant to designate it an Asset of Community Value, a move that could protect the restaurant and potentially delay redevelopment plans.