The family row over the future of Blackwell Publishing continued today with both sides predicting a different future for the company.

Chief executive Rene Oliveri said the company would not be sold.

But Julian, usually known as Toby, Blackwell, who claims to control more than half the shares, said a committee had been set up to examine the possibility of selling the business off for about £400m.

Mr Oliveri said: "We do not expect the family row to continue. The company is not up for sale. It is business as usual."

He said the board, headed by Toby Blackwell's nephew Nigel, would appoint a financial adviser to develop the company, with the long-term aim of floating it on the Stock Exchange.

He also admitted there could be further job losses as the company looked at making further cost reductions.

He said: "I have discussed the board's decision with Julian Blackwell in a constructive, open meeting. I do not expect any more action from him."

A spokesman for Toby Blackwell said: "We understand a sub-committee of the board has been appointed to look at the specific issue of a trade sale. The committee will take into account the views of Julian Blackwell, and the other minority shareholders."

Toby Blackwell told the Oxford Mail: "I am in constructive dialogue with the managing director and there is a committee looking at all possibilities."