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 high-profile clients such as TikTok, Palantir and GSK, collapsed in February after losing accounts over the peer’s links to convicted child sex offender Jeffrey Epstein.
Mandelson, who denies any wrongdoing, resigned from the board in 2024 but continued to hold shares. His relationship with Epstein came under renewed scrutiny after he failed the UK government’s enhanced vetting process before being appointed ambassador to Washington, with speculation about security concerns over his ties 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 are collectively owed £2.6 million.
Global Counsel, co-founded by Mandelson in 2010, employed about 100 people, mostly in the UK, with offices in Berlin, Brussels, Doha and Singapore. Co-founder and CEO Ben Wegg-Prosser stepped down in February as the firm grappled 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 prostitution from a minor.
Administrators said the business has assets of more than £10.7 million but expect to realise only about £2.7 million.
