Project Bloodhound, which aimed to break the land speed world record, has been saved by a new investor.
The supersonic car, built by a team of engineers in Bristol, was set to reach speeds of up to 1000mph on specially built tracks in South Africa.
However, the project's future was under threat when the firm behind it went into administration in October and in early December, it was announced efforts to find £25 million worth of investment had failed.
However, Yorkshire-based entrepreneur Ian Warhurst has stepped in and bought the business and assets for an undisclosed amount.
Andrew Sheridan, Joint Administrator and partner at specialist advisory firm 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.
“Ian has a strong background in managing highly successful businesses in the automotive engineering sector and he will bring considerable expertise to bear in taking the project forward. He will be outlining his plans for the project in detail early in the New Year.”