An advisory firm co-founded by Peter Mandelson, who was fired as UK envoy to the United States over his links toJeffrey Epstein, took a step nearer bankruptcy Friday after entering administration.
Global Counsel has stopped trading and appointed administrators, a process whereby a financially stricken company calls on outside expertise in a bid to salvage some assets.
“While Global Counsel had grown over the past 15 years to become one of the UK’s leading public affairs consultancies, the rapid and sudden loss of clients over recent weeks has had a monumental impact on the business,” said Will Wright, chief executive of Interpath, the administrators appointed to the company Friday.
“We will now undertake a detailed review of the company’s assets and liabilities and explore the best route to realize the company’s assets,” he added in a statement.
Several major clients, including Barclays,Tescoand English football’s Premier League, have cut ties with the firm in recent weeks, according to press reports.
“The continuing maelstrom of political and media attention surrounding Peter Mandelson has made it challenging to continue with the business in its current form,” Global Counsel posted Thursday on LinkedIn.
“To be clear, this will no longer be business as usual.”
The post added that “in the unlikely event that any ongoing servicing of clients is viable, this will be on a limited basis only.”
Prime Minister Keir Starmer, who appointed Mandelson as UK envoy to Washington, fired him from the post last September.
Mandelson faces a criminal investigation over claims he shared confidential information with Epstein nearly two decades ago.
Source: Insider Paper
