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Turtle Bay chain gets £6m investment

24 | 06 | 13

The Turtle Bay restaurant chain is to benefit from a £6 million investment package from private equity firm Piper. 

There are plans for up to 20 diners to be opened in the next three to five years as Aj Jaya-Wickrema seeks to grow his brand with the capital investment he has attracted.

It marks the second time Mr Jaya-Wickrema and Piper have worked together - the latter previously provided backing for the former's Las Iguanas venture and received a healthy return on its investment when exiting back in 2007, Eat Out Magazine reports. 

Now the two are teaming up once again in an effort to grow Turtle Bay into one of the best restaurants in the UK. It currently has sites in Bristol, Milton Keynes, Nottingham and Southampton and significant investment in kitchen and catering equipment will have to be made.

The Piper deal marks the second investment in the chain in recent months, as Santander Corporate & Commercial has also agreed to put cash into the project. 

Mr Jaya-Wickrema said he is "delighted" to be working with the Piper team again, as the group has a "deep-rooted experience and understanding of the sector" that means they understand the tight time frames that exist.

"For me, this was hugely important in ensuring the deal didn't distract management from our focus on building Turtle Bay into a successful national brand. With Piper's ongoing support I am confident that we will create a uniquely valuable business," he added. 

Piper's Peter Kemp-Welch admitted the firm has been looking at the ethnic food sector closely to see how its popularity develops. He added Mr Jaya-Wickrema has once again created a "unique and dynamic offering" that has huge potential for growth. 

Turtle Bay claims to offer a dining experience different to anywhere else, as it draws on the personalities, charm and cultures from the Caribbean. Presented as open street kitchens, customers are encouraged to let their hair down and enjoy themselves when at one of the sites. ADNFCR-16001031-ID-801602982-ADNFCR

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