Peter Mandelson’s former consultancy firm Global Counsel went bust owing £4.6m – including more than £600,000 to the taxman – a report by the group’s administrators has revealed.
The company, which provided advice to high-profile clients including TikTok, Palantir and GSK, collapsed in February after it lost a series of accounts over the peer’s relationship with convicted child sex offender Jeffrey Epstein.
Mandelson, who denies any wrongdoing, resigned from the board in 2024 but continued to hold shares. His client list came under fresh scrutiny this month after he failed the UK government’s enhanced vetting before being appointed US ambassador, with speculation about security concerns over his links to China.
In a “statement of affairs” filed at Companies House, administrators reported liabilities of £4,596,149 – even after £2.7m of assets were taken into account. The largest external creditor is HM Revenue and Customs, owed £645,789. Employees are collectively owed £2.6m.
Global Counsel, co-founded by Mandelson in 2010, employed about 100 people across the UK, Berlin, Brussels, Doha and Singapore. Co-founder and chief executive Ben Wegg-Prosser stepped down in early February as the firm wrestled with revelations that Mandelson had sought Epstein’s advice on setting up the business in 2010.
Court documents also showed Wegg-Prosser travelled to meet Epstein in New York in 2010 – two years after Epstein’s conviction for soliciting prostitution from a minor – to discuss the launch. Wegg-Prosser has said: “I had the misfortune to meet Epstein on one occasion. It was a short meeting of no consequence.” Administrators said the business has assets of more than £10.7m but they expect to realise only about £2.7m.
