Michelin-starred Peat Inn in Fife up for sale

Owners of the Michelin-starred Peat Inn in Fife have put the freehold of the restaurant with rooms up for sale.

The 18th-century property previously served as a coaching inn, hotel and pub before first being put on the culinary map in the 1970s by the late Catey Restaurateur of the Year winner David Wilson.

In 1987, the Peat Inn was awarded a Michelin star, the third restaurant in Scotland to do so following Glasgow’s Malmaison and Inverlochy Castle. It held the star for five years.

In 2006, the current owner-operators, Geoffrey and Katherine Smeddle took over the site from the Wilsons and re-earned the restaurant its star in 2010.

The Michelin Guide praised the the Peat Inn for its “vibrant, flavoursome dishes” and “stylish, split-level bedrooms”.

The property is located about six miles from St Andrews and consists of three dining rooms, which serve around 50 covers, as well as eight luxury letting suites and a four-bedroom owners’ home, landscaped gardens and private car park. It has undergone refurbishments under the current owners.

Simon Watson, business agent at Christie & Co, who is managing the sale, said: “We are delighted to be appointed to work with Geoffrey and Katherine Smeddle on this prestigious assignment. The Peat Inn is one of the most established and celebrated venues in Scotland and can continue to be so in new hands.

“It has been a ‘go-to’ restaurant for many from the area and internationally, be it for celebrations or business, and a buyer may well be a previous customer who will now be able to have the prestige of owning this iconic venue.”

The Smeddles added: “We are only at the very start of the process to sell the business, so nothing will change overnight. Also, just to clarify, we are not closing the business, we are choosing to sell the business. We will continue to welcome and look after our guests throughout the process. Although ultimately there will be a sale, the current day to day activities will be unaffected by the changes  that will eventually take place. Looking after our guests remains our absolute priority as it always has.

“We have been privileged to be custodians of this special property and welcome you all for nearly twenty years, following David and Patricia Wilson who did so for over thirty years before us. It was always Geoff’s dream to own his own restaurant and to win a Michelin star and after 19 years, we feel these boxes are well and truly ticked. While the business is robust, successful and vibrant, it feels like the right moment to consider a different avenue. We look forward to handing the baton on to someone in the future who will, we are certain, welcome you all as we and the Wilsons have done for over half a century.”

They also confirmed gift vouchers and bookings will continue to be honoured. Once the site changes hands, vouchers will be approved in accordance with terms and conditions set by the new owners.