The K7 Country Club in Valencia goes up for auction due to economic problems
(4-7-2022) The K7 Country Club, from Paterna (Valencia), goes up for auction. The management company has not been able to meet the costs of the installation, a center that changed hands in 2019 after two years of bankruptcy.
One of the largest sports centers in the Valencia metropolitan area is out for tender. The K7 Country Club, a center renovated in 2019 after two years of bankruptcy, is looking for a new manager who can deal with the center’s financial situation, according to ‘Valencia Plaza’.
The pandemic finished off a facility that was already going through difficult times before covid. In 2017, its previous manager, Tutempo, declared bankruptcy. Two years later, in 2019, a Valencian businessman, Jorge de Fuentes, took over his management for a period of ten years, until 2029, but just three years later he declared the company that managed it to be insolvent, which has propitiated that they put the operation of the center up for auction to look for an investor to refloat it.
De Fuentes invested 850,000 euros in remodeling the sports center to transform it into a country club inspired by the Club de Campo Villa de Madrid. His intention was to transform this space into a space to practice sports with the family. The pandemic, however, ruined everything. Each week of closure meant 60,000 euros of losses.
The space was taken over shortly after by other administrators, who did not find the formula to redirect the situation. The company Invest Maycar Group VLC S generated a turnover of 1.3 million euros last year. According to the auction dossier, “any type of offer will be admitted, although in the case of not reaching the value assigned in the plan, it will wait until the expiration of a period of one month, being awarded to the best offer received. In the event that the offer equals or exceeds the value assigned in the plan, it will be sold immediately.
The facility has more than 33,000 square meters of surface area distributed over 21 paddle tennis courts, 7 frontons and a 4,500 square meter gym spread over two floors and equipped by Matrix. The fitness room is made up of cardiovascular work areas, free weights, circuit machines and personal training. It also has a cafeteria and restaurant service.