A project to break the land speed record and reach 1,000mph is back on track after finding a buyer.
The Bloodhound project to break the land speed world record, went into administration in October and efforts to secure an investor had initially failed.
Andrew Sheridan and Geoff Rowley, joint administrators of Bloodhound Programme Ltd, the company behind Project Bloodhound, announced earlier this month that efforts to secure an investor to take the project forward had not been successful.
Following this announcement, the joint administrators were contacted by a number of other interested parties and a purchaser for the business and assets has now been secured, which will allow the project to continue.
In 1997, he achieved the world land speed record of 763mph with Thrust SCC. He led the effort along with Bloodhound’s project director Richard Noble.
The Bloodhound business and assets are being bought for an undisclosed amount by Yorkshire-based entrepreneur Ian Warhurst.
Mr Warhurst is managing director of Barnsley-based Melett, which manufactures precision-engineered turbochargers and other parts for the automotive industry.
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.”
Foot Anstey provided legal services to the joint administrators, while Gordon Brothers acted as their chattel asset advisors. Walker Morris provided legal advice to Ian Warhurst.