Global Counsel, the lobbying firm co-founded by Peter Mandelson, collapsed owing £4.5 million to creditors just days before the former Labour minister was arrested over historical links to paedophile financier Jeffrey Epstein, according to figures filed on Companies House.
Financial details of the collapse
The Press Association reports that Global Counsel went into administration in February amid the fallout from the scandal surrounding Mandelson's association with Epstein. The company owed a total of £4.54 million when it went bust, with only £2.7 million in assets available for preferential creditors. Among the creditors, HM Revenue and Customs is owed £645,789.
Administration and client exodus
Administrators at Interpath were appointed in February for the London-based lobbying business. The firm stated that it suffered a significant financial impact from a wave of customers cutting ties amid pressure over its association with Mandelson, who had previously served as a US ambassador. This left directors with no choice but to bring in administrators, despite earlier assertions that Mandelson no longer held any shareholding, role, or influence over the company.
The firm's collapse on 20 February occurred three days before Mandelson was arrested by police following allegations that he passed sensitive information to Epstein during his tenure as business secretary. Mandelson was released on bail and has not been charged.
Mandelson's involvement and client roster
At one point, Mandelson held a 21% stake in Global Counsel, but he is not listed as a creditor in the "statement of affairs" filed at Companies House. Mandelson co-founded the firm with Benjamin Wegg-Prosser in 2010 after Labour lost the general election. He stepped down from its board approximately two years ago. Global Counsel had worked with a notable roster of clients, including Palantir, GSK, Vodafone, OpenAI, TikTok, and the English Premier League.
