Café Pistou, the concept founded by Charlie McLean, the former managing director of CAU Restaurants and ex-Gaucho Group finance director, has been closed and sold two years after its launch, MCA has learnt.
McLean told MCA: “After two years of successful trading and having served over 100,000 customers, an attractive offer was received to buy the business. We were profitable at a site level, however our shareholders felt the return on investment wasn’t quite sufficient to justify further funding to expand the concept. Café Pistou was always designed to be a growth brand and therefore we have decided to sell the first site.
“Whilst this was a difficult decision, we are delighted that the outcome of this deal will be that all staff will retain their jobs with the new buyers, all creditors will be paid in full, and money will be returned to our shareholders.”
It is understood that the new buyer for the site could be announced as soon as this week, and that Mclean has secured a senior role in a multi-site leisure business, which will begin soon.
It is thought that an existing group has acquired the business.
Talking to MCA last year, McLean admitted that the all-day Provencal small plate concept had experienced some teething problems during its first nine months of trading but had picked up momentum, especially since the turn of the year.
The business was chaired by Ian Neill, the former Wagamama chief executive, and at one point included former Clapham House chief executive Paul Campbell as a non-executive director.
