Travers and CMS dish up sale of iconic London Indian restaurant group

Travers Smith and CMS have landed lead roles on the sale of MW Eat - the group behind some of London’s best-known Indian restaurants - to Canadian investment firm Fairfax Financial Holdings.

MW Eat owns Amaya, Chutney Mary and Michelin-starred Veeraswamy, as well as the Masala Zone chain.

Veeraswamy, which opened in 1926 on Regent Street, is regarded as the UK’s oldest surviving Indian restaurant. The sale hands Fairfax control of one of London’s best known Indian dining groups spanning fine dining and casual formats.

CMS partner David Roberts said the group of institutional restaurants have been "frequented by generations of royals and Londoners in equal measure". He also said: "It is hugely comforting for the London restaurant community that these gems will remain in safe hands, perhaps for another 100 years to come."

Why Fairfax is buying

Fairfax primarily invests in property and casualty insurance and reinsurance through its global holding company. The company has broadened its exposure to hospitality in recent years, acquiring Canadian restaurant operator Recipe Unlimited, which has over 1,200 restaurants globally, in 2022.

CMS said Fairfax intends to make significant investments in the MW Eat restaurant group to pursue international expansion. Fairfax lists its investment strategy as aiming for 15 percent growth in book value per share over the long term.

UK dining draws investors

The deal lands months after popular Indian restaurant chain Dishoom took its first outside investment from US PE firm L Catterton in a deal reportedly valuing the group at £300 million. That transaction also saw CMS advise the restaurant group and Latham & Watkins act for L Catterton.

In 2023, private equity firm TriSpan invested in UK Indian casual dining group Mowgli - with CMS once again involved acting for the restaurant brand, and Mayer Brown advising TriSpan.

Mayer Brown was also involved when TriSpan took a majority stake in Flat Iron steakhouse group in September this year.

Advising

CMS acted for MW Eat's owners, led by partner and head of leisure David Roberts with a team including associates Jack Richards and Carys Holland and trainee Igor Pemberton. Tax advice was provided by Rebecca Stewart and Alexander Oldland.

Travers Smith acted for Fairfax, with a deal team led by private equity partner Jeremy Dennison. Tax advice was led by head of tax Hannah Manning, employment advice by partner Ailie Murray, and real estate advice by partner Gareth Wynne.