Turtle Bay, a popular Caribbean-inspired restaurant chain operating 50 venues across the United Kingdom, is proposing to close three sites as part of a rescue plan designed to secure its long-term future. The business is pursuing a Company Voluntary Arrangement (CVA), a formal insolvency procedure that allows a company to restructure its debts while continuing to trade.
Which Locations Are Affected?
The three restaurants earmarked for closure have not yet been officially named, but the chain has confirmed that the proposed closures are part of a broader strategy to streamline operations and reduce costs. Turtle Bay has venues in major cities including London, Birmingham, Manchester, Liverpool, Leeds, and Glasgow, among others. A full list of affected branches is expected to be released once the CVA is approved by creditors.
Why Is Turtle Bay Restructuring?
The restaurant chain, known for its Caribbean cuisine and rum-based cocktails, has faced mounting financial pressures due to rising food and energy costs, as well as changing consumer habits. According to a company spokesperson, the CVA is a proactive measure to protect the majority of jobs and ensure the brand's survival. The company has declined to specify how many staff members could be affected by the closures.
Industry Context
Turtle Bay's restructuring follows a trend among casual dining chains in the UK, many of which have resorted to CVAs or similar measures to navigate the challenging economic environment. Recent years have seen closures and restructurings at brands such as Byron Burger, Prezzo, and Carluccio's. The hospitality sector continues to grapple with inflation, supply chain disruptions, and reduced consumer spending.
What Happens Next?
The proposed CVA requires approval from at least 75% of Turtle Bay's creditors, including landlords and suppliers. If sanctioned, the three restaurant closures will proceed, and the remaining 47 venues will continue to operate as usual. The company has expressed confidence that the plan will secure the business's future and preserve the majority of its workforce.
