Veeraswamy Owner Sold to Canadian Firm

The restaurant group behind London’s Michelin-starred Veeraswamy has been sold to the Canadian financial firm Fairfax, signalling a major global expansion push for one of the UK’s best-known Indian dining portfolios.

MW Eat operates acclaimed high-end restaurants including Chutney Mary and Amaya, as well as the four-strong casual chain Masala Zone.

The terms of the deal have not been disclosed, but the investment will fund international openings and the development of new dining formats as the group prepares for worldwide growth.

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

All three will continue working with Fairfax to oversee a smooth transition as the business expands under its new ownership.

Fairfax has not yet revealed detailed plans for the global rollout, but the firm holds major investments across the Indian economy.

Its portfolio includes Bangalore International Airport, travel company Thomas Cook India and leisure group Sterling Holiday Resorts.

A subsidiary also operates Recipe Restaurant Group, Canada’s largest full-service multi-brand restaurant operator with more than 1,200 sites.

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”.

The group reported strong financial performance before the sale, with pre-tax profits rising 31% to £4.4 million in the year to March 30, 2025.

Turnover remained flat at £31.7 million.

Veeraswamy, London’s oldest Indian restaurant, faces uncertainty amid plans by the Crown Estate to end its lease as part of a Regent Street redevelopment.

The closure threat hangs over the site, which first opened in 1926 and has been owned by MW Eat since 1997.

The Soho Society has submitted an application to designate Veeraswamy as an Asset of Community Value.

The move could offer protection for the restaurant and may delay redevelopment efforts as the dispute continues.