Turtle Bay, the Caribbean-style restaurant chain operating 50 venues across the UK, has confirmed it will close three branches as part of a rescue plan. The Walthamstow location shuts today, Saturday, June 27, with Solihull and Middlesbrough venues also set to close. The company is proposing a Company Voluntary Agreement (CVA), a restructuring process that allows it to renegotiate debts while continuing to trade at remaining sites.
Walthamstow Closure and Customer Reaction
The Walthamstow branch, located on Central High Street, holds a 4.6 Google rating and is praised for its welcoming staff. One reviewer said: “What a gem, the Turtle Bay Restaurant in Walthamstow was to our hungry bellies. We were served with smiles, and great customer service. I can't say what was my favourite as it was all good. All I know we left well fed and totally happy. Can't wait to come back.”
CVA Details and Future Plans
Alongside the three closures, Turtle Bay plans to renegotiate leases on 30% of its remaining estate. The company aims to create “a more sustainable platform for the future” through these measures. All restaurants will continue trading normally during the CVA process, according to Propel.
Economic Pressures on Hospitality
The chain cited rising operational costs, reduced customer spending, and shifting footfall patterns as key factors affecting the business and the wider sector. Ajith Jayawickrema, founder and CEO of Turtle Bay, said: “Turtle Bay is a much stronger business today than it was a year ago. We have fantastic teams, loyal guests and a brand that people genuinely love. However, over the last few years, the hospitality industry has experienced extraordinary economic pressures. Whilst we have made significant operational improvements, some historic property commitments are simply no longer sustainable in today's market. The proposed CVA gives us the opportunity to address those issues responsibly, protect the vast majority of jobs, continue investing in our restaurants and create a stronger future for Turtle Bay.”
