The chain has confirmed that it is proposing a Company Voluntary Agreement (CVA), a restructuring process that permits a business to renegotiate debts while continuing to trade.
Turtle Bay, located at Walthamstow Central High Street, has a 4.6 Google Review and is especially highlighted for its welcoming staff.
“What a gem, the Turtle Bay Restaurant in Walthamstow was to our hungry bellies. We were served with smiles, and great customer service,” one reviewer said.
They added: “I can’t say what was my favourite as it was all good. All I know we left well fed and totally happy. Can’t wait to come back.”
Alongside today’s closure, Turtle Bay will also be closing venues in Solihull and Middlesbrough. A further 30% of the remaining estate would also be subject to lease renegotiations as the company plans to design “a more sustainable platform for the future”.
As with many hospitality venues, Turtle Bay highlighted rising operational costs, reduced customer spending, and shifting footfall patterns as key factors putting pressure on the chain and the wider sector.
Despite the restructuring plans, Turtle Bay said all of its restaurants will continue trading as normal throughout the CVA process, as reported by Propel.
It added that it remains confident in the brand’s long-term future and believes the proposed changes will provide a stronger foundation for the business.
Ajith Jayawickrema, founder and CEO of Turtle Bay, 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.”