Chainring/crank issues after changing frames (73mm shell to 68mm)

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Greetings all

I have a feeling that the answer to this is probably very obvious but the problem is driving me bonkers. I will try and keep it short and sweet.

I had a nice MTB frame with a 73mm bottom shell. I used a Hope bottom bracket and Sram/Truvativ XO Singlespeed crank with a 40T ring. The cog was 14T. Everything was fine and dandy!

Come my birthday and my lovely family clubbed together to get me a nice shiny new singlespeed dedicated MTB frame which has a 68mm shell. As per the Hope BB instructions I put 2X 2.5mm spacers on the drive side and 1 on the other side. For a 73mm shell just one spacer is used on the drive side.

The 40T chainring now hits the bloody chainstay. Hope tells me under no circumstances to add any more spacers as it would bugger the bearings etc.

So, Ladies and Gentlemen, is the obvious answer just to use a smaller chainring - maybe 38T or 36T? Have I missed something very obvious? If the answer is a smaller chainring I could always reduce the cog to 12T to compensate.

Any help would be very much appreciated.
 
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