Turtle Bay FY sales hit ‘record’ £93.7m

Caribbean-themed restaurant chain, Turtle Bay, has reported a sales rise of 6.1% to a record high of £93.7m for the 52-week period to 31 March. 

According to the group, it managed to bounce back “quicker and stronger” following the pandemic and experienced “industry-leading” like-for-like growth in its estates with further like-for-like growth the year after, “unlike many of its competitors”.

As a result, Turtle Bay saw sales in the last year continue to outstrip pre-pandemic by 27.7% on a like-for-like basis. 

Regionally, the group experienced a stronger performance in the North of England, the South Coast area and the South West than it achieved in the Midlands and London. 

The group remains “highly” cash generative with no debt, as it is growing organically. 

Adjusted EBITDA also remains strong at £9m, compared with £10.2m reported in 2023. 

While profit before tax looks to have taken a hit from £9.9m in 2023 to £1.9m 2024, last year’s total had been skewed by the beneficial impact of insurance proceeds of £6.4m. 

Turtle Bay, which has had a highly successful year, still stated in its full accounts on Companies House that the economic squeeze, double-digit inflation and high interest rates have hurt its key guest base more than others. 

The group also added that the fall in disposable income “has not been felt evenly across the UK’s regions and societies”. 

In an effort to mitigate this, the chain introduced non-uniform pricing across its restaurants to “better align good value across the communities” in which it operates. 

The new year started in line with expectations, Turtle Bay revealed, despite the economic environment remaining “extremely tough”. 

Turtle Bay wrote in its filing on Companies House: “In tough times, we must continue to bring our Caribbean-inspired warmth and hospitality to all guests and ensure Turtle Bay is the best place to work in the hospitality industry.”