A MAJOR restaurant chain with 50 locations will shutter three sites as part of a propsoed restructuring plan to keep the chain afloat.

Turtle Bay, which is best known for its Caribbean style cocktails and food, is proposing a Company Voluntary Arrangement (CVA)

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This is a way of restructuring that means a business can continue trading by negotiating its debts.

As part of the arrangement it has been proposed that three of Turtle Bay’s sites will close.

Sites in Solihull, Walthamstow and Middlesbrough are on the chopping block if the plan is green lit.

Meanwhile, a further 30% of the estate will be subject to renegotiations around the terms of their leases.

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The casual chain said it was facing “significant economic headwinds”, citing rising costs and reduced consumer spending for its troubles.

Gareth Slater, managing director at Interpath, overseeing the process said: “The casual dining sector has faced a number of challenges in recent years and Turtle Bay has not been immune to these.

Ajith Jayawickrema, founder and chief of Turtle Bay, said: “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.”

Back in April, the chain closed a site in Swansea after a near ten year stint on the Welsh high street.

Whilst the CVA is being pursued, Turtle Bay restaurants will continue trading as normal throughout the process and there will be no change to the guest experience.

Britain’s hospitality sector has been struggling in recently as the cost of living has led to fewer people spending on eating out.

Both The Cube Hotel and Marco Pierre White Steakhouse closed “with immediate effect” earlier this week for good.

Elsewhere, The Water House project, known for its exceptional tasting menu, is set to close down at the end of this month.

Located in Bethnal Green, East London, the popular fine dining spot first opened in 2021 and is run by chef Gabriel Waterhouse and Patricia Wakaimba.