LONDON: An advisory firm co-founded by Peter Mandelson, who was fired as UK envoy to the United States over his links to Jeffrey 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, Tesco and English football’s Premier League, have cut ties with the firm in recent weeks, according to press reports.
