BDO has announced that it will be returning £4.1m of furlough money back to the government, with the payments set to be returned before Christmas.
In a statement, Paul Eagland, managing partner at BDO, said: “BDO accepted £4.1m of furlough money from the government in order to protect jobs that were otherwise at risk.
“We were planning to review paying this back at the end of our current financial year, which is June 2021. Recognising the public mood requires a much quicker process, we have accelerated this and we will be returning the money before Christmas.”
It comes only days after BDO revealed that its revenues rose by 14% to £660m in its latest full-year results.
The firm revealed that around 9% of the revenue increase reflects the first full year of its merger with Moore Stephens LLP back in 2019, with 5% coming from organic growth.
Accounting profit before tax was flat at £137m with underlying business profits falling by £25m.
The first nine months of the financial year showed “strong growth” for the firm, with BDO adding its focus on “quality and its successful merger” paid off in increased revenue and profit pre-Covid-19.