Global Counsel calls in administrators, blaming Peter Mandelson ‘maelstrom’

The crisis engulfed Global Counsel after it emerged Mandelson (pictured) had sought Epstein’s advice on setting up the business in 2010. Photograph: Kirsty Wigglesworth/AP

Global Counsel, the advisory firm co-founded by Peter Mandelson, is to collapse into administration, blaming the “maelstrom” caused by revelations about the former peer’s relationship with the convicted sex offender Jeffrey Epstein.

Companies including Barclays, Tesco and the Premier League have all deserted Global Counsel, despite the company’s efforts to sever ties with Mandelson and the company’s co-founder Benjamin Wegg-Prosser.