Its the perfect time to buy a bar on Spain’s Costa del Sol and Costa Blanca
Thousands dream of running a bar in Spain, but experts claim it is the perfect time to invest.
Whilst buying a bar in Spain has always been deemed to establish a business on Spain’s Costa’s, the business has taken a hammering during the pandemic.
Although according to business experts, it’s the perfect time to get into the Spanish bar market.
Across Spain’s coasts, bars and restaurants are currently lying stagnant for trade, but that is soon to change as Europe recovers from the Coronavirus pandemic.
Meanwhile, bar owners who have run out of cash and are not in the position to be able to hold on until the good times return are discounting heavily.
Bar prices across Spain’s coasts, for their leases, are at their lowest for many a year, creating vast opportunity for new investors to enter the market place.
Serial millionaire investor Terry King, who resides on the Isle Of Man, is one of those speculators eyeing up the market.
Although entrepreneur King is sizing up a different approach to the conventional running of a bar.
Speaking to Global247news, King explains his thought process; he says: “The obvious thing is, bars at present can be picked up at bottom market prices, the perfect time to strike.
“Although the ingredient to watch out for is for bars that are still trading despite the market crash, it demonstrates the establishment in normal times has a good track record long term. The owner may want out of the lease, but he or she has demonstrated longevity of trading whilst lesser operations have ceased trading; that’s the marker.
” With the market prices at rock bottom and trade midterm set to return on a boom, now is the time, the markets not going to get any lower as it’s close to turning the corner presenting the perfect time to invest.
“Also, the low pricing allows speculators to be able to afford to put management in place in these operations. That’s exactly what we are doing right now, snapping up the right establishments and recruiting the right staff to operate them.
“What we are doing is getting everything in place ready for the boom, and there will be one in the next 12 -14 months as normality returns.
“Punters are desperate to get back out to Spain after being ‘stuck’ for so long in the UK and will flock back, and we need to be in a position to take advantage of the market,” he advised.
King already, in the last 4 weeks, has snapped up leases of 9 establishments and is still planning more.
“We are targeting 50; we will trade them for up to 3/4 years and start offloading them when the market has fully recovered.
” What we have done in other countries in the past, such as Greece, have sold them to the managers on a buy out scheme, giving the manager first option, they find it easy to finance when the business is profitable, and they have the confidence to purchase knowing the profits, rather than going in blind,” he added.
Meanwhile, Bar agent, Gary Adamson from Bars Abroad on Spain’s Costa del Sol, sees an upturn in business and inquiries.
Telling Global247news, “There is defiantly movement in the market. Besides doing business with Mr King, there is a surge in inquiries from independents. They are lining up to come and visit establishments once they can fly out; my order book for visits is rammed.
“Now I need to turn them into sales completions and finalise deals; I do agree now is the perfect time to invest if you want a bar in the sun.
“The tides about to turn at last,” he said.