Peter Mandelson’s former consultancy firm Global Counsel went bust owing £4.6 million, including more than £600,000 to HM Revenue and Customs, according to a report by the group’s administrators. The company, which advised clients including TikTok, Palantir and GSK, collapsed in February after losing accounts over Mandelson’s links to convicted sex offender Jeffrey Epstein.
Mandelson, who denies any wrongdoing, resigned from the board in 2024 but continued to hold shares. The firm’s client list came under scrutiny after Mandelson failed the UK government’s enhanced vetting process before his appointment as ambassador to Washington, amid security concerns over his links to foreign states including China.
In a statement of affairs filed at Companies House, administrators reported liabilities of £4,596,149 after £2.7 million of assets were accounted for. HMRC is the largest external creditor, owed £645,789. Employees, who numbered about 100 across offices in London, Berlin, Brussels, Doha and Singapore, are collectively owed £2.6 million.
Co-founder and CEO Ben Wegg-Prosser stepped down in early February as the firm dealt with revelations that Mandelson had sought Epstein’s advice on setting up the business in 2010. Wegg-Prosser also met Epstein in New York in 2010, two years after Epstein’s conviction for soliciting a minor. Wegg-Prosser described the meeting as a short, inconsequential encounter.
Administrators noted that while the business has assets over £10.7 million, they expect to realise only about £2.7 million.
