Investor stumps up cash to save record-chasing Bloodhound car project

The project to break the land speed world record which was placed in administration has been rescued by a Yorkshire-based entrepreneur for an undisclosed sum.

Ian Warhurst has purchased the business and assets, allowing Project Bloodhound, which aims to reach 1,000 miles per hour in a land vehicle, to continue.

The Bloodhound Programme, which is behind the project, was placed into administration in October after it was revealed it needed £25m to keep Bloodhound afloat.

Earlier this month it appeared the project was beyond rescue after its joint administrators announced that efforts to secure an investor to take the project forward had not been successful.

However, following the announcement, a number of interested buyers and Warhurst got in touch.

Andrew Sheridan, joint administrator and partner at specialist advisory firm FRP Advisory LLP, said: “We have been overwhelmed by the passion that clearly exists for Bloodhound and are thrilled that we have been able to secure a buyer who is able to give this inspiring project a future.

“Ian has a strong background in managing highly successful businesses in the automotive engineering sector and he will bring considerable expertise to bear in taking the project forward. He will be outlining his plans for the project in detail early in the New Year.”

“In the meantime, we would particularly like to thank the Ministry of Defence and Rolls Royce for their support and collaboration throughout this process, without which it would not have been possible for the project to be in a position to continue.”

The project, which was founded in 2007, has proven to be a major R&D catalyst and has attracted more than 2m children as part of a Stem education campaign.