Grant Thorton has now told its employees that an estimated 70 jobs in its tax and consulting divisions would be made redundant.

A spokesperson for Grant Thornton said that the redundancies involves “areas of our tax and advisory business where we are unable to achieve the levels of profitability aligned to our business plan and puts the roles of around 70 people at risk”.

The firm said that it is consulting with those individuals affected, and discussing redeployment options where suitable.

Grant Thornton also confirmed that it is progressing with a restructuring project which was planned before the coronavirus outbreak but was subsequently put on hold during the lockdown.

As a result, the firm said that it believed it would be ‘inappropriate’ to make use of the UK Government’s furlough scheme.

The Grant Thornton spokesperson said: ‘The furlough mechanism was designed to preserve roles that had temporarily diminished or ceased as a result of COVID-19 and where there is a reasonable prospect of that work returning as the UK comes out of lockdown.

“As these roles at risk were deemed unsustainable in the future, it would be inappropriate for them to be furloughed.

“Whilst not an easy decision to take, particularly at this time, we are supporting those impacted as best we can in these circumstances.”

Documents circulated to staff this week said redundancies would take effect from July 24.

The firm is now at risk of criticism for the job cust while it has refused to cut the monthly payments which its 190 partners receive from the firm’s profits. KPMG, PwC, Deloitte and EY have all reduced partner’s pay amid the coronavirus crisis.

Instead, Grant Thornton said it would instead defer a dividend that was due to be paid to partners this summer.

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