Just noticed that Bloodhound Programme Ltd, the company behind Project Bloodhound, the initiative to break the land speed world record, has entered into administration with the appointment of Andrew Sheridan and Geoff Rowley, partners at specialist business advisory firm FRP Advisory LLP, as joint administrators.
Project Bloodhound was founded in 2007 and aims to hit speeds of 1,000 mph at a specially built, 18km long, 1500m wide race track at Hakskeen Pan in the deserts of the Northern Cape of South Africa.
In addition to seeking to break the land speed world record, the project is a major R&D catalyst and the focal point for a STEM education campaign which has reached over 2 million children since its launch, including 120,000 UK schoolchildren per year.
To date the project has operated on a partnership and sponsorship model, with support from a variety of partners including Rolls Royce and Rolex as well as the Ministry of Defence which has lent prototype jet engines for the car, and the Northern Cape Provincial Government in South Africa, which has supported the creation of the track. Individual donations from members of the public have also supported the development of the car and the global education programme.
The project has already successfully built a viable racing car which has been tested to 200mph, whilst developing or testing propulsion, aerodynamic and telecommunications technologies with the potential for far reaching applications outside of the project. The team is now seeking around £25m in investment to provide guaranteed funding and see the project to completion.
So, hands in pockets UK investors. Interested parties should contact the FRP Advisory LLP Bristol office on 0117 203 3700