Helen Lela-Avis is selling her former one-Michelin-starred restaurant, the Box Tree, to chef Simon Gueller.
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Avis expects to hand Gueller, the former owner of Leeds restaurants Rascasse and Guellers, the lease to the 35-seat restaurant in Ilkley, West Yorkshire, next week.
Avis will retain its freehold, but will have no involvement in its running.
Avis bought the Box Tree out of receivership in August 1992. It won a Michelin star in 1993, a rating it retained until last year.
Avis's decision to retire follows the recent death of her husband, Anthony Avis. The restaurant has been closed since mid-April.
Avis, 75, said: "I have battled with the restaurant since my husband became ill and now I don't want to know. As far as I am concerned, I have closed the chapter."
Gueller, 39, said he did not want to discuss his plans for the Box Tree until the deal was completed. The restaurant, due to reopen in July following a refurbishment, will continue to be called the Box Tree.
Source: Caterer & Hotelkeeper magazine, 10 June 2004