Four Turtle Bay restaurants to close as creditors approve CVA proposals

Yorkshire and North East sites are among those that have closed

Caribbean restaurant chain Turtle Bay has closed four sites and shed 76 jobs amid a restructuring.

Locations in Yorkshire and the North East are among those impacted following creditor approval for a Company Voluntary Agreement in the face of “significant economic headwinds”. Turnaround consultants at Interpath have been advising the Bristol-based company as it grappled with challenges seen across the hospitality market including rising costs, reduced consumer spending, and changing footfall patterns.

The majority of the chain’s 48 restaurants are unaffected though sites in York, Middlesbrough, Solihull and Walthamstow have already closed. The CVA has altered terms at 15 Turtle Bay sites which continue to trade as normal.

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.”

Last year, Mr Jayawickrema bought back a stake in Turtle Bay from private equity firm Piper. Most recent accounts to the end of March 2025 show headwinds had caused sales to fall 10% to more than £84m but with Mr Jayawichrema saying they were higher than pre-pandemic.

Interpath said the CVA was intended to secure the long-term future of the business and maximise returns for stakeholders, including landlords. The proposals were approved by about 92% of voting creditors.

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 comprise 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.”