📢 Turtle Bay Closes Three Branches Amidst Financial Struggles 🌴
Bad news for Caribbean cuisine lovers—Turtle Bay, the popular restaurant and bar chain, is shutting down three of its branches. The company has pointed fingers at the Labour government, specifically mentioning the increase in employers’ National Insurance as a major factor for its financial woes.
Founded in 2010, Turtle Bay is now facing a massive pre-tax loss of £10.1 million for the year ending 30 March 2025, a significant drop from a profit of £1.8 million the previous year. With turnover decreasing from £93.6 million to £84.3 million, it’s been a challenging year for the chain.
Co-founder Ajith Jayawickrema didn’t hold back, criticising the government’s decision, which he claims has put additional strain on the hospitality sector—a sector that employs around three million people. He added that despite being ahead in pre-pandemic sales, intense competition and sky-high energy costs in the UK have been major roadblocks.
Even with these challenges, change is on the horizon—Chancellor Rachel Reeves is set to permanently lower business rates for over 750,000 retail, hospitality, and leisure properties in England starting April 2026.
In the meantime, Turtle Bay has had to make some tough calls, including recognising a hefty impairment charge and adjusting the value of its portfolio. Here’s hoping brighter days are ahead for this much-loved brand! 🍹
What are your thoughts on this? Have you visited a Turtle Bay recently? Share your experiences in the comments! ⬇️