The sale comes less than two years after White officially opened the doors of the Swan Inn in February 2010.
Restaurant owner Sanguine Hospitality, which recently opened the Marco Pierre White Steakhouse restaurant at the Cube development in Birmingham, said it was selling the pub to focus on more city-centre locations.
“We can confirm that an agreement has been reached to sell The Swan Inn to Mitchells & Butlers," a company statement read. "This agreement does not affect our other Aughton property, West Tower, which remains under our ownership.
“The deal is expected to be completed in the New Year. Until then, The Swan Inn will continue to operate in its present guise and honour all bookings.
“The Swan Inn is a very popular venue, but with our growing focus on our core business of operating large branded hotels in prime city centre sites, many of which incorporate thriving Marco Pierre White restaurants, we felt that The Swan Inn would fit better with M&B, who are one of the UK's leading operators of restaurants and pubs."
The Swan Inn boasts 12 stylish bedrooms, creating the perfect opportunity for guests to extend their visit to the restaurant. Around 20 staff members are expected to work over the busy Christmas period, before being made redundant in the New Year.
“We hope to relocate many of our staff members to new roles within our existing and forthcoming North West properties," added Sanguine Hospitality. "But the law dictates that we must begin the process of consultation and redundancy now."
Managed pub company Mitchells & Butlers has opened 53 new sites this year, including 21 of the 22 Ha Ha Bar & Grill sites acquired in November 2010. Last month, the pubco revealed a rise in sales by 4.9 per cent in 2011 to £1.76bn, boosted by an increase in food sales by 7.8 per cent.