The Canadian owner of Fairfax, which acquired MW Eat – operator of upmarket restaurants Veeraswamy, Chutney Mary, and Amaya, plus the four-strong Masala Zone chain – last November, envisages “tenfold growth in sales in a decade” and having “30 or 40” Masala Zones in Canada.
Fairfax chairman and chief executive, Prem Watsa, said he has asked the MW Eat founders – Namita Panjabi, Ranjit Mathrani and Camellia Panjabi – to stay on as advisers and help to recruit new leaders for this phase.
Watsa says MW Eat will now pursue global growth and that he wants to bring its top restaurants to Canada, the US, the Gulf, and beyond.
MW Eats made a £4.4m pre-tax profit on sales of £32m last year and paid a £4.7m dividend.
“London is very competitive for Indian food because you guys understand it,” said Watsa, who was born in Hyderabad before emigrating at the age of 22 and becoming known as Canada’s answer to Warren Buffett. The deal has sentimental value since he is an old friend of the founders, but he called it “a very good quality investment with potential to expand all over the world”.
https://www.realindianfood.com
Author: George Shaw
Former BBC journalist and founder and CEO of an award-winning London advertising and PR company for 20 years, providing restaurant consultancy services. Spent a decade as the director of communications of the Asian Catering Federation in the UK and lead judge for its various restaurant and chef awards programmes. Now returned to journalism, specialising in food and travel and currently the Editor-in-Chief for Taste London, Taste Asia, the Good Curry Guide and CEO of International Culinary Guides.