Faith & Flower, which received plenty of accolades and press attention after it opened in April 2014, is finally settled on its ownership squabbles. After partners Cindy Troesh and Coastal Luxury Management (the same group that produces Pebble Beach and L.A. Food & Wine) went to court earlier this year over an ownership dispute that left CLM with an operational stake in restaurant, the dust finally settled this week with a fire sale. As of this week, Coastal Luxury Management has sold off its ownership to Cindy Troesh.
According to sources, after the legal disputes in February 2015, CLM agreed to pay Cindy and husband Jeff Troesh for the remaining interest in Faith & Flower. The promissory note payable to the Troeshes was due in 150 days, which CLM had prepared and sent into escrow. The bottom line is that the payment was technically received late, which meant the Troeshs triggered the option to acquire the remaining shares.
Here's the word from Troesh's side:
After over a year of legal arguments, LA-based Cindy Troesch, one of the founding members and original owner of Faith & Flower, has purchased CLM's 50% interest. Stephane Bombet and the Troeschs have been partners since the opening and they are looking forward to operating the restaurant again. Bombet Hospitality Group will run the day to day business. No major changes will happen since the restaurant is incredibly busy and successful since it opened in April 2014.
Here's the official comment from Bernahl's Coastal Luxury Management:
Big moments like this are always a little bittersweet. On one hand it was one of the more successful restaurant transactions I could have hoped for... On the other.. Its hard to walk away from any team like the one we've had at Faith & Flower. While we are obviously proud of the countless accolades we've received over the past 2 years, its the people in that restaurant that I and everyone at CLM will miss the most in the near term. One thing I can promise... we love Los Angeles, we won't be out of LA for more than a minute.
Now that the saga is over, most diners, who probably didn't even notice all the back door dealings, can expect more of the same in 2016, though Bombet has told Eater that they plan to announce a new chef in the coming year.