A British gangster who was shot dead in a double execution was allegedly warned that he had a £250,000 bounty on his head "weeks" before he was killed.

Ross Monaghan, 43, had become a target following a feud with a drugs cartel which is connected to the south of England. He was gunned down alongside Eddie Lyons Jr, 46, at a popular Irish bar in Costa del Sol on Saturday.

The gangsters were killed in front of horrified diners who were watching the final at Monaghans in Fuengirola. Lyons Jr was struck in the chest and died at the scene. Monaghan sprinted into the bar as customers hid underneath tables and chairs but was unable to escape his killer. He is believed to have been shot at least four times in the chest and abdomen.

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An insider told : “A firm from England with connections to Alicante had warned of a £250,000 contract on Monaghan weeks before the shooting. It’s not clear if that information found its way to Monaghan but he must have known something was brewing because it was related to debts."

The pair were believed to have been relaxing with a group of friends as they watched the game at the bar. Despite some people having left the bar, the two Lyons gang members stayed behind.

Monaghan’s are said to have confirmed that their long-standing Scottish enemies, the Daniels, are not behind the double shooting. According to sources, Monaghan had reportedly kept his distance from his bar before he visited on Saturday night. It has been speculated as to whether the gunman was tipped off about his appearance.

Another source told the publication: “They obviously knew he and Eddie were there, what they looked like, what they were wearing and possibly where they were sitting. The assassin approached at speed and homed in on the target with any hesitation. It’s no wonder people suspect he was being fed information."

Spain's National Police said during an initial statement: “Around midnight on Saturday an incident with firearms occurred in Fuengirola, specifically at an entertainment venue along the seafront. Two males died as a result from gunshot wounds. The investigation is ongoing and no arrests have been made so far.”