Steve intends to pursue ‘other ventures’ and will continue his involvement with The Anchor pub restaurant in Ripley, Surrey, which the couple bought in 2013.
Serina will stay on as owner of Drake’s where a new head chef will be appointed.
A statement released on behalf of the pair said that for both restaurants it would now be ‘business as usual’.
The duo opened Drake’s in 2004 after Steve left his role as head chef at Drake’s on the Pond in Abinger Hammer, Surrey.
The restaurant was awarded a Michelin star in its first year which it has retained ever since.
Steve and Serina bought The Anchor with their business partners Chris and Lisane Mealing in 2013 in the same village as Drake’s restaurant, with Mike Wall-Palmer as head chef.