Supersonic car project needs £25m

FAST Bloodhound car THE company behind the Bloodhound supersonic car and its bid to hit 1,000mph, has entered administration.

It is hoped this will give Project Bloodhound time to raise £25million to set a world land speed record.

The enterprise began in 2007 with the aim of building the machine and racing it in South Africa.

Backed by the Ministry of Defence and private firms, Bloodhound is powered by a jet engine and a rocket. It hit 200mph in UK tests last year.

Andrew Sheriden, of joint administrators FRP Advisory LLP, said: “Bloodhound is truly groundbreaking. Administration [where the firm is run by an outside body] provides a breathing space to identify an investor.”