Suffolk brewer Adnams may look for more finance from the City after its "ambitious growth plans" were hit by the economic slowdown.

But chief executive Andy Wood said the company's healthy balance sheet should ensure its future success.

Speculation arose after weekend reports that it was in talks with City advisers about getting new funding.

But Dr Wood said this was not a matter of concern: “Like many operators in the hospitality and brewing sectors, Adnams has been experiencing significant inflationary pressure on our labour, energy, raw materials and borrowing costs.

"Alongside this, we’ve seen weaker overall consumer demand, with more households coming under financial pressures.

"As a result, and as a proud East Anglian business with hundreds of employees, a clear commitment to our communities and a 150 year legacy, we’ve been exploring our options for continuing to underpin our ambitious growth plans.

"We are determined to find the right way to ensure the company can be even more resilient for the future, in what remains an uncertain world.

"Thankfully we have a healthy balance sheet from which to build, and we are seeing consistent and outstanding success across the board for our products.

"In particular, our investment and innovation in the low and no sector has meant that Ghost Ship 0.5% is now the UK’s number one low/no alcohol ale, with annual sales of £3.6m.

"Our ongoing exploration of options could result in a fresh injection of capital into the business from another party, or the sale of some of our freehold assets to return capital to the business.

"However, no such decisions have been reached at this time. Adnams’ priority as a business is to stay true to its values of quality, innovation and sustainability, alongside serving and supporting its customers, staff and as soon as possible restoring a dividend to shareholders.

"We are ever conscious of the special place our brand has in the heart of the East Anglian community and it is for that reason that we want to continually seek a way to ensure its resilience and find the best future path.”