Peter Mandelson’s Global LLP deal with WPP spins off to a good start

One WPP investment that looks to be paying off is Peter Mandelson’s Global Counsel LLP, a limited partnership that aims to help companies expand in new markets.

WPP took a minority stake in the business formed by the former business secretary in the Labour government in 2010.

The first accounts to surface for Global Counsel show that it is owed over £450,000 by someone or other, presumably its clients, indicating (on a 60-90 day payment period) that it is turning over about £2m. In fact, Mandelson (Lord Mandelson to give him his full title) is smart enough to insist that some at least of his clients pay him up front, indicating a rather higher turnover.

At this stage Global Counsel looks like a smaller version of Tony Blair Associates, the similar business formed by Mandelson’s old boss (and the man who sacked him twice from the cabinet) Tony Blair. TBA is reckoned to turn over about £12m a year.

Nice work if you can get it, of course. From WPP’s point of view the Mandelson connection gives it a degree of access to people in high places although some of Peter’s friends tend to be Russian oligarchs and financiers occupying the more exotic shores of capitalism.

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