An ambitious UK project to build a car capable of travelling at 1000mph has hit the buffers after the financial team behind the plan announced administration.

The Bloodhound supersonic vehicle has been described as a combination of jet, F1 and spaceship and will be powered by a Rolls-Royce Eurofighter jet engine bolted to a rocket.

But the project is in doubt unless further investment can be found after Bloodhound Programme Ltd went into administration blaming Brexit uncertainty and a lack of big brand sponsors willing to invest in the project.

The car has already conducted some early tests, with computer simulations suggesting that the current land speed record of 763mph will be within easy reach. The aim is to achieve 1000mph and a desert site in South Africa has already been cleared of rocks and stones in preparation for the record attempt.

FRP Advisory have been installed as joint administrators and are keen to see the project receive the additional funds required to get the project back on track.

Speaking to The Guardian, Andrew Sheridan of FRP said:“Bloodhound is a truly groundbreaking project. Entering into administration provides some breathing space to identify an investor who will bring the guaranteed funding, impetus and expertise required to drive the project forward.”
He said discussions were being held with a number of potential investors. “Whilst not an insignificant amount, the £25m Bloodhound requires to break the land speed record is a fraction of the cost of, for example, finishing last in a F1 season or running an America’s Cup team. This is an opportunity for the right investor to leave a lasting legacy.”

One significant landmark has already been achieved by the Bloodhound project, with the news that the Nammo rocket, which has been selected to provide the thrust has already proved its readiness in testing.

"Once we have the funding in place, or at least visibility of that funding, and the team is back in the building, then 10 months later we're out in South Africa," Mark Chapman, Bloodhound's chief engineer told the BBC. "We're that close. This is a huge opportunity for global exposure. Nammo firing that motor was really important, really impressive."

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