After things were looking bleak, Bloodhound has found a buyer for its supersonic jet car.
It was a sad day when the after the company went into administration in October and failed to secure funding. Bloodhound needed to find a buyer willing to invest $33 million to cover the costs of transporting the jet car to South Africa to attempt a new record. After 11 years, it looked like the dream to set a new land speed record and break the 1000-mph barrier was over. Mercifully, however, the company has found a new investor to get the project back on track and secure the company’s future.
According to Bloodhound, Joint Administrators Andrew Sheridan and Geoff Rowley were ed by a number of other interested parties. The business and assets have been sold to Yorkshire-based entrepreneur Ian Warhurst for an undisclosed amount, which “will allow the project to continue”.
“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,” said Sheridan. “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.”
Warhurst owned the Barnsley-based turbocharger firm Melett from 2002 before selling it to US firm Wabtec late in 2017 where he stayed on as managing director. He has also featured in Management Today’s list of Britain’s top 100 entrepreneurs.
After, the original plan was to before attempting a 1,000-mph run in 2020. Details about Bloodhound’s future plans are scarce, but more will be revealed early next year according to the announcement. Nevertheless, this is a positive step forward for the project and has renewed our hope that the 763-mph land speed record set in 1997 will finally be beaten.