In a statement the group said: “On 5 March 2010 Michael Page International announced that an agreement had been reached in principle, subject to legal contract, between Michael Page International and Her Majesty’s Revenue and Customs (HMRC) in respect of the initial claim for a refund of overpaid VAT plus statutory interest. On 30 April 2010, a formal agreement was signed with HMRC. As a result, of the £50m originally received from HMRC, Michael Page International will retain £38m and will return £12m by the end of May 2010.” The statement added the company would update the market on further developments when appropriate.