Bristol’s Bloodhound supersonic car project – which had hoped to set a world land vehicle record of 1,000mph – has been axed after hitting a cash crisis.
Administrators for the firm behind the Avonmouth-based project, Bloodhound Programme, today effectively pulled the plug on the bid after failing to secure an investor to take it over.
Bloodhound Programme went into administration in October and since then the Bristol-based administrators from specialist advisory firm FRP have been trying to find an organisation or individual to rescue the 11-year project.
Despite big-name sponsors and supporters such as Rolex, UWE Bristol, Lockheed Martin, Serco and Rolls-Royce – the Bloodhound car would have used one of the engineering giant’s EJ200 engines – the project had teetered on the edge of financial collapse for some time.
Joint administrator Andrew Sheridan said: “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.”
Project Bloodhound had planned to race it supersonic car at a specially built track in the deserts of South Africa. Over its 11 years it enthused thousands of school children on careers in engineering by visiting schools.
The team was seeking £25m in investment to provide guaranteed funding and see the project to completion. Last year the Bloodhound car reached speeds of 200mph during tests at Newquay Airport in Cornwall.
Photo by Stefan Marjoram
