The Ubiquitous Chip has been sold to UK pub chain Greene King.
The restaurant on Glasgow's Ashton Lane had been owned by the Clydesdale family since it opened in 1971.
The deal includes the family's two other Glasgow restaurants - Stravaigin and Hanoi Bike Shop - according to the BBC.
Greene King owns more than 2,700 hospitality venues across the UK, including Glasgow pubs Coopers and the Scotia.
Ronnie Clydesdale opened the restaurant to champion Scottish produce. He died in 2010 aged 74, with the venues being taken over by son Colin and partner Carol.
Mr Clydesdale said: "Metropolitan Pub Company approached Carol and I, as great admirers of The Chip, Stravaigin and Hanoi, with an interest in buying.
"After much consideration, we decided to sell the business that has been in family ownership since 1971.
"I truly believe the business and people will be in safe hands with Michael and the team, who will continue the legacy that we have built."
Michael Horan, managing director of Metropolitan Pub Company, said: "We are really excited to welcome these iconic sites to the Metropolitan estate, and continuing the legacy that the Clydesdale family has built over the last 50 years.
"We are looking forward to working with the 145 team members to continue providing the world class hospitality to the people of Glasgow."
The Chip, which is situated on Ashton Lane in the west end of the city, celebrated its 50th anniversary in 2021. The building houses several bars as well as the main restaurant.
Stravaigin opened in 1994 on Gibson Street and serves international cuisines using local produce.
Hanoi Bike Shop, Glasgow's first Vietnamese canteen, opened in 2012 on the site of the former Stravaigin 2 on Ruthven Lane.
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