A friend who lives locally and works in planning/conservation reckons the pub being closed only while they renovate the flats is a scam. Apparently it's a way round local planning stuff about pubs being conserved/community assets -- he said he'd bet on a planning application going in for it being all turned into flats (or something else but flats are the most lucrative) and that in his opinion, it's very, very unlikely it'll re-open as a pub.
(Not that I was a massive fan of The Fox -- last time I was in, the prices were eye watering -- but a real shame to lose another pub.)