The project to race a car at more than 1,000mph has run into a financial roadblock with the company behind the venture going into administration.

The Bloodhound supersonic vehicle is all but built but needs a £25m investment if it is to break records on a dried-out lakebed in South Africa.

The administrators, FRP Advisory LLP, have already begun to talk to potential suitors.

But without the funds the project faces being wound up in the coming weeks.