Bloodhound's 1000mph land-speed record bid scrapped after firm's collapse

Friday 7th December 2018 12:30 GMT

The announcement was made by administrators following the collapse of Bloodhound Programme Ltd in October after it failed to attract new investment - as first reported by Sky News.

FRP Advisory was called in when it became clear efforts to find an additional £25m to fund the record bid would fall short.

The company was aiming, with the help of current land speed record holder Andy Green, to break his existing 763mph (1,228kmh) top speed set 20 years ago in supersonic car Thrust SSC.

Early tests saw it easily reach 200mph at Cornwall Airport in Newquay.

The additional money would have been used to take the jet-powered vehicle to the next stage of its development, including trials at 500mph, 800mph and finally 1,000mph.

The project had a number of prominent sponsors, such as Rolls-Royce, the aircraft engine-maker, which helped the team operate the Eurofighter Typhoon EJ200 jet engine.

Rolls-Royce also helped with the aerodynamics, while Rolex created custom-made instruments for Bloodhound's cockpit.

But joint administrator Andrew Sheridan said on Friday: "Since the company entered into administration we have worked tirelessly with the directors to identify a suitable individual or organisation who could take the project forward.

"Despite overwhelming public support, and engagement with a wide range of potential and credible investors, it has not been possible to secure a purchaser for the business and assets.

"We will now work with key stakeholders to return the third-party equipment and then sell the remaining assets of the company to maximise the return for creditors."

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