Popular restaurant with 50 UK branches set to close venues in 3 areas – full list | UK | News
A popular restaurant chain with 50 restaurants in the UK is preparing to close three of its restaurants as part of a rescue plan aimed at securing its future. Turtle Bay, a popular chain of Caribbean-themed restaurants and bars, has locations in England, Scotland and Wales.
Turtle Bay confirmed it is proposing a Company Voluntary Arrangement (CVA), a restructuring process that allows businesses to renegotiate their debts while continuing to trade. Under the proposals, restaurants in Solihull, Walthamstow and Middlesbrough would close completely. The remaining 30% of the property will also be subject to lease renegotiations as the Caribbean-inspired chain looks to create what it describes as a “more sustainable platform for the future.”
The company noted that rising operating costs, declining consumer spending, changing foot traffic patterns and outdated property commitments are factors weighing on the industry-wide.
The chain, known for its cocktails and relaxed atmosphere, noted the pressure on consumer confidence, as well as increases in food, energy, business rates, employment and recycling costs.
Despite the restructuring plans, Turtle Bay said all its restaurants would continue to trade as normal throughout the CVA process, Propel reported.
The company said it was confident in the long-term future of the brand and believed the proposed changes would provide a stronger foundation for the business.
Turtle Bay said in a statement: “As a result, we believe we now have an inherently sustainable business.
“However, like much of the UK hospitality sector, Turtle Bay continues to face significant economic headwinds.” Earlier this year Turtle Bay in Swansea closed its doors permanently after nearly a decade of trading.
The Caribbean restaurant and bar, which has been a Castle Street staple since 2017, announced its shock closure on social media.
In a statement to customers, Turtle Bay Swansea said they were “devastated” and thanked customers for their “support over the years”.
The closest Turtle Bay to those in Swansea is in Cardiff.
