London - A British project to build a supersonic car capable of speeds of 1600km/h has been saved after an entrepreneur stepped in.

The firm behind the Bloodhound bid to break the land speed world record, at the Hakskeen Pan in the Northern Cape, went into administration in October.

Ten days ago, administrators said efforts to secure an investor had failed and the project would be scrapped.

But on Sunday they said Yorkshire-based entrepreneur Ian Warhurst had bought the business and assets for an undisclosed sum. 

Andrew Sheridan, joint administrator and partner at FRP Advisory LLP, said: "We have been overwhelmed by the passion that clearly exists for Bloodhound and are thrilled that we have been able to secure a buyer who is able to give this inspiring project a future. 

"He will be outlining his plans for the project in detail early in the New Year."

Project Bloodhound was founded in 2007 and aims to hit speeds of 1600km/h (1000mph) at a specially cleared, 18km long, 1.5km wide section of the Hakskeen Salt Pan in the Northern Cape.

“In addition to seeking to break the land speed world record, the project is a major R&D (Research and Development) catalyst and the focal point for a STEM (Science, Technology, Engineering and Maths) education campaign which has reached over two million children since its launch,” a company press statement said.

It pointed out that to date the project had 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 lent prototype jet engines for the car, and the Northern Cape provincial government, which has supported the creation of the track.

The project has already successfully built a viable racing car which has been tested to 320km/h, whilst developing or testing propulsion, aerodynamic and telecommunications technologies with the potential for far-reaching applications outside of the project.

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