Turtle Bay toasts 'record year'
It is the Caribbean restaurant group’s second record sales year, with like-for-like (lfl) growth of 32.6% vs 2019 and 1.1% vs the year ended April 2022.
Adjusted EBITDA was £10.2m, down from £17.8m in 2022, due to the latter aided by government support packages.
During the year, the Piper-backed group repaid its entire bank and shareholder debt early, leaving it in a debt-free position to navigate rising interest rates in the UK, according to the update.
Turtle Bay further reinvested £10.3m into its estate, including four new sites and nine major refurbishments.
Despite the investment and loan repayment, the business has £3.5m in the bank and access to a new undrawn £8m revolving credit facility, leaving it 'plenty of headroom to grow'.
It opened its 49th site in Blackpool at the end of June, with openings in Camden and Lincoln slated for the coming months.
“After the outstanding performance in the previous year, I’m delighted with another year of like-for-like growth and breaking the £90m sales milestone,” says Nick Crossley, Turtle Bay CEO.
“We continue to push ourselves to offer our guests a unique Caribbean good time, a place to get away and relax, with exceptional hospitality.”
Crossley adds that results post year-end have been 'in-line with expectations', and that the group is now planning further expansion, including the group's first site in Scotland.
“It’s no secret that this past 18 months have been challenging for our sector,” he continues.
“Trade has been navigated through inflation pressures, energy price volatility, the war on Ukraine, numerous industrial strikes and rising interest rates. The consumer base is feeling the pinch and people are even more selective about where they spend their money.
“We are acutely conscious of this and grateful that they choose us – in return, we continually strive to give our guests the best hospitality experience in town.
“Our balance sheet strength gives us the confidence to search proactively for more locations and, excitingly, we plan to open our first site in Scotland later this year.”
