The Caribbean-inspired group revealed in its latest accounts that uptake of its ‘4 days at the Bay’ scheme has been ‘phenomenal’ since it launched at the beginning of the year, with 90% of team members reporting that their well-being had either improved or stayed constant as a result.
Writing in the group’s latest accounts, Turtle Bay CEO Nick Crossley said: “It’s widely known that hospitality is one of the hardest working sectors and its down to us as owners and leaders to challenge this.”
According to the group, 83% of team members would recommend the program, and 77% felt more refreshed and better able to connect with their teams and guests.
Stability among team members with over a year’s tenure improved from 48% to 52%, and overall team turnover dropped significantly from 131.5% two years ago to 84.1%.
It comes as Turtle Bay reported record turnover of £93.7m for the year ending 31 March 2024, a 6.1% increase on the year before.
The 53-strong group maintained strong adjusted EBITDA of £9m over the period, slightly down from £10.2m in the previous year.
Profit before tax stood at £1.9m, compared to £9.9m the prior year, which had been bolstered by a significant £6.4m insurance payout.
Crossley said the new year had started in line with expectations; however, the economic environment remains extremely tough.
“Despite the fall in inflation to more manageable levels, consumer essentials such as food costs, energy, rents and mortgage rates remain +20% more than two years ago,” he noted.
“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.”
Regionally, Turtle Bay reported stronger performance in the North of England, South Coast, and South West compared to the Midlands and London.
In response, the group adapted to the economic squeeze and varied regional impacts of high energy costs, inflation, and interest rates by introducing non-uniform pricing across its restaurants, which Crossley said was aimed at aligning value across the communities in which it operates.
Over the period it invested £8.4m on new and existing sites, with openings in Glasgow, Camden, Blackpool, and Lincoln.
“We remain opportunity-driven on acquisitions and continue to seek locations that would benefit all our stakeholders,” Crossley added.
“We look internally, within our existing estate, for opportunities too.”
