The future of the Bloodhound project has been secured
17 December 2018
Following news that the supersonic car project had been axed, a purchaser for the business and assets has now been secured, which will allow the project to continue.
On 7 December 2018 Andrew Sheridan and Geoff Rowley, Joint Administrators of Bloodhound Programme Ltd, the company behind Project Bloodhound, the initiative to reach 1,000mph in a land vehicle, announced 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.
The business and assets are being bought for an undisclosed amount by Yorkshire-based entrepreneur Ian Warhurst.
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.
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