The company, which is behind the project to smash the land speed record by driving a car at over 1000mph, has said that the Bloodhound supersonic vehicle is all but built, but needs a £25m investment.
The administrators, FRP Advisory LLP, have already begun to talk to potential suitors and want to hear from others. But without the funds the project faces being wound up in the coming weeks.
Although all the R&D and low-speed trials are done, the project simply cannot move forward into its end phase unless the necessary funding is in place.
Bloodhound was launched exactly a decade before this announcement was made, which added further poignancy. However, the number of postponements and delays that the project has seen over the years has suggested that the technological and financial challenges to its successful completion might one day prove insurmountable.
Should this prove the case, it would be a great shame. Bloodhound represented the sort of technological challenge that inspires engineers everywhere and which drives the industry. It can only be hoped that its plight will not put others off setting similar goals in future.