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The lobbying firm co-owned by Peter Mandelson has collapsed into administration after the former ambassador was linked to the late financier in the Epstein Files.
Global Counsel, the advisory firm in question, went bust after historic links between the former US ambassador and the late paedophile financier Jeffrey Epstein emerged.
Documents released in the latest file dump by the US Department of Justice tied the former ambassador to Epstein, revealing photos of Mandelson in his pants, emails tipping off the late financier about Gordon Brown's impending departure as PM, as well as links to a prominent Russian oligarch.
The lobbying firm, a London-based advisory business with more than 100 employees, formally informed staff it is facing collapse in recent days.
It comes less than 24 hours after documents contained in the Epstein files led to the arrest of former Prince Andrew Mountbatten-Windsor.
The appointment of administrators was expected to come as soon as Friday, with the news announced around midday.
The impact of Lord Mandelson’s historic ties to Epstein are said to be behind a number of high-profile customers choosing to end their relationship with the firm.
It is reported that Barclays, Tesco and Klarna were among those to terminate contracts, while Vodafone put its one under review, after the so-called Epstein files were released by US authorities.
Earlier this month, Global Counsel said it had cut ties with Lord Mandelson and announced the departure of its boss Benjamin Wegg-Prosser.
It stressed that Lord Mandelson no longer had any shareholding, role or association with the company and no influence over the firm.
Documents contained with in the Epstein files revealed direct correspondence between the former US ambassador and the late financier.
It also emerged that MI6 was allegedly told Peter Mandelson could be a risk to British security because of his connections with Russian intelligence.
Recent weeks also revealed that Mandelson took a flight aboard a Russian oligarch's jet during the early hours of November 25, 2004 – in Mandelson's first week in the role as European Union trade commissioner
It was previously known that Mandelson flew by private jet to Siberia in 2005 to meet billionaire Deripaska, where the two shared a sauna.