The global market for dining out is projected to grow from $1.9 trillion now to more than $3 trillion by 2030, according to Research and Markets. Yet many individual chains have been taken down by short-term pressures such as rising operating costs and changing customer bases.
Chains such as Smokey Bones, Peet’s Coffee, and Joe’s Crab Shack have closed dozens of locations in the U.S. since the start of 2026, while U.K.-based chains including Leon and The Real Greek also nearly halved their store locations amid financial struggles and new ownership.
Another British casual dining chain recognized by anyone who has spent time in one of the country’s cities, Turtle Bay first opened in Milton Keynes in 2010. Serving popular Caribbean dishes alongside two-for-one tropical cocktail promotions, the chain also offered a bottomless brunch.
Turtle Bay Caribbean will close four U.K. restaurants amid bankruptcy agreement
The Turtle Bay concept initially proved popular, and the restaurant quickly grew to more than 50 locations across the U.K. and several in Germany.
But due to what company owners describe as “significant economic headwinds,” Turtle Bay is now closing four locations in smaller U.K. cities. It has confirmed its Company Voluntary Arrangement to creditors, Insider Media notes.
The legally binding restructuring proposal is the U.K. equivalent of a U.S. Chapter 11 bankruptcy filing, in that a company reaches an agreement to address its debt while staying in business.
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A LinkedIn post by hospitality advisor Travis Fish indicates that Turtle Bay had £84.3 million in revenue in 2025 but still reported a loss of £10.1 million amid falling diner turnover and rising costs.
As part of the CVA agreement, Turtle Bay locations in Solihull, Walthamstow, York, and Middlesbrough were shut down permanently this week, while 29 others will continue to operate as usual, even as 15 are reported to be in lease negotiations with their landlords.
Turtle Bay
“We have had to make difficult choices along the way”: Turtle Bay founder
Another Turtle Bay location in the Welsh port city of Swansea closed 10 years after opening back in April, according to The Sun, while a total of 76 staff lost their jobs as a result of the latest round of closures.
Gareth Slater and Will Wright of the London-based Interpath insolvency firm are the joint administrators assigned to oversee the case.
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“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,” Turtle Bay founder Ajith Jayawickrema said in a statement, as BusinessLive reported.
Jayawickrema is also behind the Latin American casual dining chain Las Iguanas. The chain, which operated more than 40 locations across the U.K., was also deemed “heavily loss-making” in the last year and narrowly avoided falling into administration after a restructuring plan was approved by a High Court judge, according to the Independent.
Several of the closed Turtle Bay locations initially attracted strong foot traffic, but saw the situation change post-pandemic, amid wider dining-trend shifts in specific markets.
Related: Popular Mediterranean restaurant files for Chapter 11 bankruptcy
