Years behind, on a shoestring budget, with a small number of investors, we find a small company (that from the outside appears even a 'one-man' job) performing an unannounced test (flight) on an unapproved airframe of a completely novel design with two completely new "revolutionary" 2400-lb-thrust engines.
Obviously this is all supposition but on the face of it that seems likely to sum up some of the risks that may have been at the top of the project risk register.
Mr Dacre was obviously a well liked and highly regarded pilot judging by the posts on the Where Are They forum here on PPRuNe.
I certainly hope that this concept is taken forward and tested further.