Background

Bloodhound Programme Limited was the project to build a record-breaking car capable of running at 1,000mph, which was supported by several high-profile brands and organisations. It had exhausted its available funds and was unable to continue to fund development of the project and meet ongoing overhead costs. Many of the project’s senior team had also not been paid for an extended period. FRP was appointed as joint administrators, with a view to selling the business and assets and finding a new owner for the project.

Action

Our team marketed the business widely to achieve the best possible outcome, consulting a range of potential buyers including ultra-high-net-worth individuals and people in the motorsport sector. The project held great affection with the public and we had over 200 media articles published in the first week of the administration alone. Behind the scenes, a carefully managed strategy ensured that the media messaging was constructive towards the administration. This was an unusual appointment in that we identified the majority of assets on site were loaned by third parties and consequently would not form part of the insolvent estate in any sale. This made stakeholder engagement all the more important, as in addition to securing the assets it was crucial that the ‘borrowed’ assets would be made available to a purchaser. Even more unusually, some of the components within the car were ‘classified’ which required extensive engagement with the Ministry of Defence.

Outcome

The business and assets of Bloodhound Programme Limited were sold to a UK entrepreneur, who was introduced to the opportunity as a direct result of the media strategy adopted by the administrators. The buyer has since relaunched the project, providing leadership and funding to move it ever closer to achieving its 1,000mph goal and breaking the land speed record.