Tenerife forum

[rob]

Are you buying it freehold or leasehold?

If leasehold and it was shut down 4 months ago then they have no goodwill to sell, just the fixtures and fittings.
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[MICHELLEH1704]

hi rob its lease hold yes its just fixtures and fitting it has just been rewired,the kitch area is new same with the bar it is in very good nick

[rob]

It should be dirt cheap then.
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[MICHELLEH1704]

we are getting if for 25k euros
do you thin this is too expensive
the asking price was 50k euros

[MICHELLEH1704]

do you think at least we are going down the right lines cheers

[rob]

I haven't seen the bar.
I don't know whether all the paperwork/licences are in order.
I have no idea of the size.
I don't know exactly where it is.
I don't know how many "chimney pots" there are in the immediate area.
I don't know the opposition.
What's the rent?
How long is the lease?
Is the lease transferable?
How much money do you need to take to pay four salaries/stock/all expenses?
What gross/net profit margin are you hoping to achieve?

How can I possibly give an answer without answers to these and other questions?

Have you considered my advice about contacting my accountant?
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[TenerifeSolicitors]

In the current climate I personally wouldn't pay a penny more than the second-hand value of the equipment, furniture and stock being sold with the bar. Goodwill is almost worthless unless the bar has an exceptional reputation or location.

So on that reckoning, 25,000 is probably a little steep.

Bottom line, right now is the WORST time to buy a bar. To be quite blunt, the questions you are asking suggest that you have not done nearly enough homework to even start looking at bars here, let alone be ready to choose one and negotiate a price.

If you do a search on this forum for the relevant keywords, you'll find that this question has been answered dozens of times. The answers are always the same.

If you are serious about buying a bar and you go ahead with it, I wish you good luck. But as Rob and Karl pointed out, come with a very large suitcase of disposable cash to throw down the drain. Also, bring a loud alarm clock to wake yourself up after 6 hours of sleep before embarking on yet another 18 hour shift.
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[MICHELLEH1704]

ive looked at the book your selling can you add me to your list please

[rob]

Of course I will.
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