8th January 2019
Walker Morris has advised Ian Warhurst, a Yorkshire-based entrepreneur, on the acquisition of the business and assets of Bloodhound Programme Ltd (Bloodhound), the company behind the land speed record attempt, Project Bloodhound.
Bloodhound was placed into administration in October 2018 and on 7 December the joint administrators announced they had been unable to find an investor to take the project forward. Soon afterwards, a number of interested parties contacted the joint administrators and a purchaser for the business was eventually secured.
Ian has acquired the Bloodhound business and assets in the hope of saving the project which aims to reach the speed of 1,000mph in a land vehicle and break the current land speed record. Ian has a strong background in managing highly successful businesses in the automotive engineering sector and he will bring considerable experience and knowledge to the project.
Claire Askew, Director in the Insolvency Team & Restructuring, provided specialist legal advice to Ian Warhurst.
Claire Askew said:
“I am delighted to have worked closely with Ian on this exciting acquisition and assist in safeguarding the business and assets of the Bloodhound Project and to allow this inspiring project to continue. Ian is well placed to develop the project and successfully take it forward. I wish Ian and the team every success in their record breaking attempts.”
The acquisition has been named as Insider’s December Deal of the Month.