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Caribbean restaurant chain Turtle Bay has confirmed its proposal of a company voluntary arrangement (CVA) to close three restaurants in Solihull, Walthamstow and Middlesbrough.
As part of the arrangement, a further 30% of the casual dining operator’s estate will see lease terms renegotiated.
Gareth Slater and Will Wright, managing directors at Interpath Advisory, are nominees for the restructuring process.
News of the CVA comes as the chain faced rising operating costs, reduced consumer spending and changing footfall patterns alongside legacy property commitments.
According to management, the wider sector faced high business rates, energy costs and European-level VAT.
Turtle Bay changed ownership in 2025, after its founder Ajith Jayawickrema acquired the chain back from private equity firm Piper. The company subsequently altered its food and drink menus, recruitment practices and operational standards to create a sustainable business model.
Turtle Bay maintains that all restaurants will continue trading normally during the legal process.
Jayawickrema 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. We remain fully committed to delivering the warmth, energy and Caribbean soul that our guests know and love.”
