Bloodhound project bailed out by UK entrepreneur
On 7th December 2018 it was announced by administrators, FRP Advisory, that Bloodhound Programme Ltd, the company behind the proposed 1000mph land speed record contender had been wound up due to lack of funds. However, Yorkshire-based entrepreneur Ian Warhurst has stepped in and bought the business and assets for ‘an undisclosed sum’ allowing the project to continue.
Warhurst is owner and MD of Melett, an aftermarket manufacturer of precision engineered turbochargers, parts and repair kits for the automotive industry.
Andrew Sheridan, joint administrator and partner at 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.”
Foot Anstey provided legal services to the Joint Administrators, while Gordon Brothers acted as their chattel asset advisors. Walker Morris provided legal advice to Ian Warhurst.
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