Global Counsel, the lobbying firm co-founded by Peter Mandelson, collapsed owing £4.54 million to creditors, including over half a million pounds to HM Revenue and Customs, according to figures filed on Companies House. The firm went into administration in February amid the fallout from the scandal surrounding Mandelson's historical links to paedophile financier Jeffrey Epstein.
Financial Details of the Collapse
The figures show that Global Counsel owed £4.54 million when it went bust, with only £2.7 million in assets available for preferential creditors. HM Revenue and Customs is among the list of creditors, owed £645,789. Administrators at Interpath were appointed in February for the London-based lobbying business, which said it suffered a significant financial impact after a swathe of customers cut ties with the firm amid pressure over its association with Mandelson, a former politician and US ambassador. This left directors with no choice but to bring in administrators, despite having insisted that Mandelson no longer had any shareholding, role, or influence over the firm.
Timing of the Collapse and Arrest
The firm's collapse on 20 February occurred just three days before Mandelson was arrested by police following allegations that the former Labour minister passed sensitive information to Epstein during his time as business secretary. Mandelson was released on bail and has not been charged. At one stage, Mandelson had a 21% stake in Global Counsel, but he is not listed as a creditor in the statement of affairs filed with Companies House.
Background of the Firm
Mandelson co-founded Global Counsel with Benjamin Wegg-Prosser in 2010 after Labour lost the general election. Mandelson stepped down from its board about two years ago. The firm worked with a roster of high-profile clients, including Palantir, GSK, Vodafone, OpenAI, TikTok, and the English Premier League.
