Turtle Bay plans three closures as it seeks debt restructuring

Turtle Bay has put three restaurants in Solihull, Walthamstow and Middlesbrough on the closure list as it seeks approval for a Company Voluntary Arrangement, a restructuring tool that lets a business renegotiate debts while continuing to trade. The Caribbean-themed chain, which runs about 50 UK restaurants, said every other site will stay open during the process.

The proposal shows how the strain is landing at site level. Turtle Bay said rising operating costs, reduced consumer spending, changing footfall patterns and legacy property commitments have forced the move, alongside higher food, energy, business rates, employment and recycling costs. The company said it is aiming for a "more sustainable platform for the future," but the immediate effect is that three teams are facing closure and a further 30% of the remaining estate will go into lease renegotiations.

Ajith Jayawickrema bought the brand back from Piper in May 2025, with the private equity firm having backed Turtle Bay since 2013. Since that ownership change, the company said it has improved its food and drinks offer, strengthened operational standards, and invested in recruitment and training. Those changes have not stopped the latest round of pressure, which now puts landlord talks and site economics at the center of the chain's next move.

Interpath nominees Gareth Slater and Will Wright are overseeing the CVA. Slater said the casual dining sector has faced a number of challenges in recent years and that the restructuring, together with management action, offers a route to deal with legacy issues and deliver a sustainable business. For restaurant workers, that means the decision about whether a site survives will hinge on rent, sales and staffing costs as much as on menu performance or customer demand.

Turtle Bay already shut its Swansea restaurant permanently earlier in 2026 after nearly a decade of trading. The wider sector is still under pressure from wage growth and business rates, with UKHospitality warning that operators are struggling to absorb higher costs. New lower business rates multipliers for qualifying retail, hospitality and leisure properties came into force on 1 April 2026, but the relief has landed alongside continuing cost inflation. Restaurant Report 2025 also pointed to contraction at TGI Fridays, Wildwood and D&D London, showing that Turtle Bay's restructuring is part of a broader reset across UK casual dining.