Plug pulled on Bloodhound project to

APROJECT to race a Bristolbuilt supersonic car at more than 1,000mph has been shelved after it failed to secure a £25million investment.

The Bloodhound Programme suffered a “funding setback” in May of this year and formally entered administration in October.

Administrators said the programme needed a £25million cash injection in order to ensure its future, with the car and racetrack already constructed.

But failure to attract an investor with the necessary funds has now resulted in the project, which was first launched more than a decade ago, being axed.

Joint administrator Andrew Sheridan said: ”We have worked tirelessly with the directors to identify a suitable individual or organisation who could take the project forward.

“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.”

Launched in 2007, Bloodhound has faced a number of setbacks over the years.

Bloodhound Programme initially hoped to break the world land speed record in 2011, but delayed the attempt once the scale of the project and costs began to mount.

A number of high-profile companies including Rolls-Royce and Rolex have supported the development of the car in the past 10 years, as well as members of the public who have made individual donations.

The Ministry of Defence, which lent the company prototype jet engines for the car, has also been involved.

Despite overwhelming public support, and engagement with a wide range of potential and credible investors, it has not been possible to secure a purchaser

Administrator Andrew Sheridan