In the United Kingdom, on 17th December, FRP Advisory announced that the future of the Bloodhound project had been successfully secured. Bloodhound Programme Ltd, the company behind Project Bloodhound, the initiative to reach 1,000 miles per hour in a land vehicle, was bought out of Administration by a Yorkshire-based entrepreneur.
Gordon Brothers valued and acted as advisors for the chattel assets, after being appointed by Joint Administrators Andrew Sheridan and Geoff Rowley.
This is now the 3rd appointment in the Motorsport industry for Gordon Brothers within Europe in the last two years. In April 2017, Gordon Brothers was appointed to manage the auction of assets belonging to Just Racing Services Limited and Grand Prix Racing Limited. Assets not only included F1 chassis’ and parts, but engineering equipment, clothing and office products. In August 2018, Gordon Brothers completed a complex valuation of assets for the Sahara Force India Team. The team’s assets, which were located across the UK and Europe included this year’s cars, all associated racing equipment and a number of previous years’ F1 chassis’. The valuation helped to secure the successful sale of the business.
Our Motorsport industry expertise spans globally. In March 2018, Gordon Brothers was engaged by Triad Racing Technologies, who build NASCAR race engines and body parts, to sell the assets associated with its race engine shop located in the US. While the company had made the strategic decision to exit its engine building business, it continues to operate its other divisions focused on body part and NASCAR racing.