Turtle Bay Hospitality Limited, the UK restaurant operator, has secured approval from creditors for a Company Voluntary Arrangement (CVA) proposal which was launched in June 2026. The CVA is being overseen by Joint Supervisors Gareth Slater and Will Wright from Interpath.
Founded in 2010, the Bristol-based restaurant operator employs more than 1500 staff, trading from 48 sites.
Since the change of ownership last year, Turtle Bay has made significant improvements across the business, including enhancing its food and drinks offer, strengthening operational standards, improving recruitment and training, and focusing relentlessly on guest experience.
However, like much of the UK hospitality sector, Turtle Bay continues to face significant economic headwinds, including rising operating costs, reduced discretionary consumer spending, and changing footfall patterns.
The CVA proposal has been designed to secure the long-term future of the business and maximise returns for stakeholders, including landlords. The proposal was put to a vote by the Company’s creditors on 16 July 2026 and approved by circa 92% of the value of voting creditors.
The majority (29) of sites are unaffected, while 15 sites have terms being altered by the CVA and will continue to trade as normal. Regrettably the four sites in Solihull, Walthamstow, York and Middlesbrough have immediately ceased trading and 76 staff have been made redundant.
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.”
Gareth Slater, Managing Director 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.”
