Morrells has told pub tenants and employees that it will not be answering questions about the brewery's future for another three weeks.

And the Oxford brewery has confirmed that it is now having its assets valued as part of a major financial review.

Morrells issued a statement following Monday's Oxford Mail story about a boardroom bust-up, which has sparked fears of a sell-off.

Long-term company boss Charles Eld was escorted from the building after the split, causing speculation that Morrells was ready to sell its 130 pubs and even the ancient brewery in St Thomas's Street.

The new company chairman and chief executive Ken Hodgson confirmed that the company was being advised by accountants Coopers and Lybrand.

His statement said: "This process necessarily involves the valuation of some of the company's assets, which has resulted in much understandable speculation from tenants and employees alike. "Mr Hodgson anticipates that the company will be in a position to clarify its plans by the middle of July when a full statement will be made."

The Oxford Mail revealed on Monday that Mr Eld, a member of the Morrells family, was taking legal advice about going to an industrial tribunal for unfair dismissal.

Mr Eld, managing director for ten years, was the man behind ambitious plans to modernise the brewery.

Morrells said yesterday that they had not received any formal notification of Mr Eld's intention to go to an industrial tribunal.

After his departure the brewery said it needed to raise additional finance.

Speculation that Morrells was having its assets valued was further fuelled when tenants reported seeing people outside pubs taking photographs. The company's Lion Brewery in St Thomas's Street is on a site worth millions.

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