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17 December 2018, 10:04 | Updated: 17 December 2018, 10:06
The Bristol based project planning to reach 1000mph in a land vehicle has been saved after a buyer came forward to take it over.
The original company behind the Bloodhound announced they hadn’t got enough money to continue with the project earlier this month.
Following the announcement, the Joint Administrators were contacted by a number of other interested parties and Yorkshire-based entrepreneur, Ian Warhurst, agreed to buy the business and assets for an undisclosed amount.
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.”