London (CNN Business) Accounting firm KPMG has dropped its support of Prince Andrew's Pitch@Palace networking event, severing ties with the Duke of York before his controversial interview with the BBC on Saturday.

KPMG's decision not to renew sponsorship of the Pitch@Palace initiative was made in August, according to a source with direct knowledge of the matter. Although KPMG had considered the bad press the Duke of York had been getting because of his involvement with Jeffrey Epstein, it was not a deciding factor in terminating the sponsorship, the source said.

"KPMG's sponsorship contract with Pitch@Palace finished at the end of October," a spokesperson for Buckingham Palace told CNN on Monday. "A full programme of Pitch@Palace events is continuing across the United Kingdom."

KPMG declined to comment.

Cisco also announced Monday that it has severed ties with Prince Andrew's event.

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