British Entrepreneur Buys Bloodhound Speed Project

Ian Warhurst has purchased Bloodhound Programme Ltd., the U.K.-based company that aims to break the land speed record, out of receivership for an undisclosed price.

Bloodhound was placed in administration in October. At the time, the company said it needed to raise £25 million ($32.9 million) to continue operations.

Warhurst, a mechanical engineer by training, has owned several automotive-related ventures. He sold turbocharger specialist Melett Ltd. to Pennsylvania-based Wabtec Corp. late last year.

Formed in 2007, Bloodhound aims to top 1,000 mph on a purpose-built track in South Africa. The current record of 763 mph was set in 1997 by the British-built, jet-propelled Thrust SSC.

Bloodhound’s 44-ft-long vehicle, which is powered by a rocket engine, already has been tested at 200 mph. Earlier this year the company announced plans to make a 500-mph run in 2019 and go for 1,000 mph in 2020.

Warhurst says he will announce updated plans for the company early next year.