Project Bloodhound to create supersonic car that travels more than 1,000mph is saved

A British entrepreneur has bought the business and assets for the Bloodhound supersonic car project which aimed to hit speeds of 1,000mph. (Picture: PA)

A British entrepreneur has stepped in at the eleventh hour to save a project to create the world’s first land vehicle capable of breaking the 1,000mph speed barrier.

Bloodhound Programme Ltd, the firm behind the attempt to create a supersonic car, went into administration in October.

Administrators said in early December that efforts to secure an investor had failed and the project would be scrapped.

But, Yorkshire-based Ian Warhurst has stepped in and bought the business and assets for an undisclosed sum.

The Bloodhound team was seeking £25 million in investment to provide guaranteed funding and see the project to completion.

Andrew Sheridan, joint administrator and partner at 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.”

Project Bloodhound was founded in 2007, with plans to race the car at a specially-built track in the deserts of South Africa.