The couple, who celebrate their restaurant's tenth year in business next January, have joined forces with business partners and financial advisors Chris and Lisane Mealing, to buy the 3,000 square foot pub.
It will undergo a simple refurbishment before re-opening next month with Drake's head chef Mike Wall-Palmer moving across to head up the kitchen while Serina Drake will oversee its day-to-day management.
Steve Drake said the pub, which had been an opportunity too good to pass over, would be a 'completely separate business' from Drake's and he would be leaving Wall-Palmer in charge of its food offering.
“We do not intend to create a gastropub – rather a friendly, very special and relaxed, family-oriented village pub serving simple, but creative, pub food together with good ales and a range of interesting wines, all at very affordable prices," he said.
"We have some great suppliers that we have been working with for years to get amazing local and regional products, so it is a very exciting project for us all."
Drake's was chef Steve Drake's first own business. After taking over the site in 2004, the restaurant earned a Michelin star the next year and has retained it ever since.
The restaurant was also voted number 84 in the National Restaurant Awards 2013 on Monday night.