The Bloodhound 1,000mph British land-speed record attempt has been axed after a backer failed to appear to rescue the team after it went into administration six weeks ago. The Bloodhound team headed by founder Richard Noble and Andy Green required another £25 million to guarantee its funding, but according to a spokesman for administrators FRP Advisory LLP: “Ultimately the clock ran out and the company had significant debts and overheads, not the least of which was the rent on the technical centre in Avonmouth.”
Mark Chapman, Bloodhound’s chief engineer, said: “It’s sad, because we literally tried pretty much everything over the last six weeks.
“There’s a huge passion for the project and great engineering and educational opportunities, but with so many other things to worry about these days people struggled to get past the image of a load of middle-aged men going out and breaking records, it was too hard to change that perception.”
According to one source, the team spoke to everyone they could think of including a series of wealthy individuals and sovereign wealth funds in the last six weeks, but all those talks either came to a dead end or ran out of time.
Andrew Sheridan, joint administrator, in a press release issued this morning, said: “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.