Mandelson's advisory firm Global Counsel to go into administration - report

(Sharecast News) - Global Counsel, the advisory firm founded by Peter Mandelson, is reportedly set to go into administration as soon as Friday following revelations about his ties to Jeffrey Epstein. According to the Financial Times, citing multiple people within the company, chair Archie Norman and chief executive Rebecca Park informed staff on Thursday that the "Peter Mandelson legacy" had led to the business's collapse.

Benjamin Wegg-Prosser, who set up Global Counsel with Mandelson, resigned as chief executive last week, while high-profile clients quit, after the FT reported that the peer sought advice from Epstein on how to launch the advisory firm in 2010.

Documents published by the US Department of Justice also showed that Wegg-Prosser met the convicted sex offender when he was under house arrest in New York to share the company's business plan.

Mandelson stepped down from running Global Counsel when he was appointed as the UK's ambassador to Washington but retained a large stake in the company.

One senior Global Counsel figure emphasised to the FT that the firm was set to collapse because of the historic links between Mandelson and Epstein and said this did not reflect on the work of its employees. "There are a lot of well-regarded staff who have only been here for a year or two," they said.