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  "path": "/money/peter-mandelson-firm-hmrc-collapse-epstein",
  "publishedAt": "2026-04-15T16:57:25.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "HMRC tax system overhaul expected to cost business owners £350 each",
    "HMRC issues urgent tax warning to thousands of £60,000 earners",
    "HMRC alert as 178,000 taxpayers miss out on £800 rebate – how to reclaim",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nGlobal Counsel, the advisory firm founded by Lord Mandelson, fell into administration with debts to HM Revenue and Customs (HMRC) approaching £646,000, according to creditor proposals.\n\nThe London-based consultancy entered insolvency in February following a rapid loss of major clients after fresh disclosures concerning the former cabinet minister’s links to convicted paedophile financier Jeffrey Epstein.\n\n###\n\n\n\n\nBarclays, Tesco and Vodafone were among the companies that ended their contracts with the firm.\n\nWill Wright, UK chief executive at Interpath Advisory, said: \"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.\"\n\n###\n\n\n\n\nTRENDING\n\nStories\n\nVideos\n\nYour Say\n\n###\n\n\n\n\nLord Mandelson disposed of his remaining stake in the business in stages after Sir Keir Starmer dismissed him from his role as Britain’s ambassador to the United States last autumn.\n\nThe Financial Times reported that the former Labour peer secured more than £1.5million from those share sales.\n\nRebecca Park, who briefly served as chief executive, acquired the majority of his holdings.\n\nFollowing the company’s collapse into administration, those shares became worthless.\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nThe firm, which was co-founded in 2010, has now ceased trading, leaving creditors including Bloomberg and the Press Association among those owed money.\n\nThe collapse resulted in most of Global Counsel’s approximately 80 UK employees being made redundant.\n\nSteve Absolom, managing director at Interpath Advisory, said: \"Our immediate focus is on supporting the talented and loyal UK team of Global Counsel employees who, having collectively built a market-leading business, now sadly find themselves having to be made redundant.\"\n\nFormer staff owed holiday pay, wages and pension contributions are expected to be paid in full as preferential creditors, according to the administrator’s proposals.\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * HMRC tax system overhaul expected to cost business owners £350 each\n  * HMRC issues urgent tax warning to thousands of £60,000 earners\n  * HMRC alert as 178,000 taxpayers miss out on £800 rebate – how to reclaim\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nHMRC, classified as a secondary preferential creditor, is expected to receive a dividend, although the amount and timing remain uncertain.\n\nThe tax authority has not yet submitted a final proof of debt, which was reported by Sky News.\n\nLord Mandelson was arrested in February on suspicion of misconduct in public office, with Metropolitan Police officers searching properties in London and Wiltshire.\n\nThe arrest followed the emergence of emails appearing to suggest he may have shared market-sensitive information with Epstein in 2009 while serving as business secretary under Gordon Brown.\n\nHowever, Mr Mandelson has not been charged, and his lawyers say he is cooperating fully with the investigation, insisting his priority is to clear his name.\n\n###\n\n\n\n\n###\n\n\n\n\nLord Mandelson established Global Counsel alongside Benjamin Wegg-Prosser after Labour’s general election defeat in 2010.\n\nMr Wegg-Prosser, who previously worked as a political adviser and director of strategic communications under Tony Blair, left the firm earlier this year after it cut ties with Lord Mandelson.\n\nThe company had stated that the peer no longer held any role or influence within the business.\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "Peter Mandelson’s advisory firm collapsed owing HMRC £646,000 after client exodus amid Epstein links"
}