Last week marked the one-year anniversary of the death of Catalina restaurateur Michael McMahon. His wife, Catalina co-founder Judy McMahon, unfortunately had to take time out to dismiss persistent rumours surrounding the iconic Rose Bay restaurant.

The story sweeping financial industry circles was that the restaurant had been snapped up by Quadrant, the private equity group behind the purchase of a posse of Sydney restaurants, including Rockpool Bar & Dining.

"When friends call and ask, you know it's got a little out of hand," McMahon says of her decision to reach out to Good Food. The restaurant hasn't sold, nor is it for sale, she says.

"It isn't happening," says McMahon. "Our kids are involved. There's another generation ready to go.

"We've returned so well [after the events of the past couple of years]. I almost feel like we've got a new restaurant."

While a number of internal renovations have been made at the glam waterfront eatery, McMahon says she's temporarily shelved plans to create a separate bar and small function space.

"After all the openings and reopenings of the past couple of years, I don't have the appetite to close again," she says.