Caribbean restaurant chain Turtle Bay has closed four of its sites and shed 76 jobs as part of a restructuring plan approved by creditors. The closures affect locations in York, Middlesbrough, Solihull, and Walthamstow, with the company citing “significant economic headwinds” including rising costs, reduced consumer spending, and changing footfall patterns.
CVA Approval and Impact on Jobs
The Company Voluntary Agreement (CVA) was approved by approximately 92% of voting creditors, according to Interpath Advisory, which advised the Bristol-based chain. The restructuring alters lease terms at 15 Turtle Bay sites that continue to trade normally, while the majority of the chain's 48 restaurants remain unaffected. The closures resulted in 76 job losses, though the company says it has protected most roles.
CEO Statement on Future Stability
Ajith Jayawickrema, founder and CEO of Turtle Bay, said: “Securing approval for our CVA proposals provides us with a stable platform for the long-term future of Turtle Bay as we protect the majority of jobs and sites, address challenges in the business, and continue investing in our restaurants. I’d like to thank our landlords and creditors for their support throughout this process, our dedicated teams who have and continue to bring warmth, energy and Caribbean soul to our service and, of course, our loyal customers. While we have had to make difficult decisions along the way, we believe that we now have a sustainable business at its core and can look forward with confidence.”
Financial Performance and Previous Buyback
Last year, Jayawickrema bought back a stake in Turtle Bay from private equity firm Piper. The most recent accounts to the end of March 2025 show that sales fell 10% to more than £84 million due to headwinds, though Jayawickrema noted that sales were higher than pre-pandemic levels. Interpath said the CVA was intended to secure the long-term future of the business and maximise returns for stakeholders, including landlords.
Advisor Comments on Industry Challenges
Gareth Slater, managing director at Interpath Advisory and joint nominee of the CVA, said: “The hospitality industry continues to face significant challenges and so this agreement reflects the support for Turtle Bay’s offering and the impact of the leadership team’s engagement with stakeholders to find a sustainable solution to its challenges. The CVA proposals have struck a fair compromise for creditors, helping the business right-size its debt obligations, while also providing a firm foundation for Turtle Bay to stabilise and move forward with the vast majority of its sites.”
