Fife operators’ succession plan

THE owners of a refurbished inn in the East Neuk of Fife have an unusual approach to growing their new business – by planning to give it away.

Husbands and business partners Damon Reynolds and Nicholas Frost bought the former East Neuk Hotel in Crail in 2019 and plan to reopen the property as The Shoregate by the end of April.

They are aiming to recruit a general manager and a head chef through a novel proposition: the successful applicants for each role will be awarded shares in the business each year, until they eventually own it outright, with Reynolds and Frost then acting as landlords. There will also be a profit share scheme in place for the rest of the team.

“We’ll retain ownership of the building and stand to benefit in the future from the rental income and rise in the value of the property that being a popular restaurant and bar will bring,” said Frost.

“The Shoregate provides an amazing opportunity to create something that will reward us, our staff, and the village for a long time to come. We can’t wait to get open.”