Benidorm bar owners are seeing a huge decrease in the value of their bars as reductions of up to 60 thousand euros hit the market as more bars go on sale with agents
Bars in Benidorm for sale are flooding the market as owners have had enough and start to run out of liquid cash forcing valuations down.
With the state of emergency taking hard grip and cash flow totally dried up for Benidorm bar owners with no light at the end of the tunnel, owners are dumping out of the game and listing bars for sale in volumes with some huge reductions, not just bars but restaurants too.
Some of the larger establishments are reducing by big reductions as large as 60,000 euros according to Gary Adamson the managing director of Bars Abroad who told the RTN:
” Valuations are taking a hiding right now as owners want out quickly as they have had enough of the game as they run out of cash, they feel they won’t have the revenue to restock and reopen and are dumping out of Benidorm for pastures new, some just wanting to cash in and move back to the UK whilst others looking at other Countries to trade. such as heading to Portugal and France to try their luck, with owners wanting quick sales and in large volumes they are dropping prices drastically and this is forcing down the market price”
One seller who didn’t wish to be named as he didn’t want risk losing a sale told the RTN: I’ve had enough, lockdown has killed us, I’ve been here 5 years but enough is enough, I’ve got 7k left in the pot and I can’t see things getting any better so it’s time to cut and run when I can, I won’t even bother reopening up if we are allowed to, firstly the regulations are going to be tight and more expense and it’s going to take ages to pull the punters back in, I’ve reduced 10k and I will go another 5k if I have to just to fill the bank accountant back up, I know loads in the same boat with the same thought” he said.
Although according to business consultant Steve Knight who assisted founding Tim Martin with Wetherspoons in the early days it’s an opportunity to buy:
“If you have the cash or the funds, it’s ripe to buy a bar in Benidorm, prices are getting lower and lower, buy at the bottom rate, take advantage and wait for the boom over the next 2 years and cash in, it’s a market not to be missed with 4 million tourists mainly booze loving Brits due in the next 24 months, its a business cycle ahead”