In this case, you should take the first two characters "大有" together and the other two characters “名厨” together.

"大有" can be understood as "very very" +adj. or "has a lot of" + n. In this restaurant name it could even actually be the owner's name. And believe me it is a very good and common name. "名" famous, “厨” chef. All of them together definitely means something like "we have absolutely good chefs here" - very appropriate for a restaurant business.

Although “有名” is also a valid Chinese word in some other cases, you can't group them together in this one. I know this can be confusing to non-Chinese speakers sometimes.

Just a little irrelevant trivia here: “大有” as one word is also one symbol among the 64 unique predictive symbols in from I Ching, also known as "The Book of Changes", and it's a pretty good-luck one, involved with affluence and wealth. However it was very ancient Chinese language and I don't think that's relevant to why they name the restaurant after it.