1949 Bristol 400 Farina: The new Bristol Bullet draws on decades of car making (ermess/Bigstock.com)

Bristol has launched its first all-new sports car in a decade. It's called the Bullet and will cost "under £250,000".

Boasting a top speed of 155mph and the ability to reach 62mph from standstill in just 3.8 seconds, the Bullet celebrate 70 years of Bristol cars.

The new model is based on an old prototype found under a dusty tarpaulin in the factory. The car was developed under the codename Project Pinnacle.

Described by the firm as "a sublime British sports car", the Bullet's body is made of carbon fibre composites, aimed at reducing weight while remaining rigid and strong.

Powered by a classic BMW-made Hercules V8 engine, the car also features modern technology, including a large touchscreen in the centre of the dashboard. This high tech unit can also connect the owner to the marque's only showroom, in Kensington, West London.

Julian Ramshaw, general manager of Bristol Cars, said: "The Bullet celebrates 70 years of design and innovation at Bristol Cars.

"This unique speedster sets the tone for the future of Bristol Cars – with a focus on luxury, performance and elegance.

"The discovery of the prototype at the factory provided us with the perfect way to celebrate this incredible marque's 70th anniversary.

"Open top, highly luxurious, lightweight and full of torque, it really is the ultimate driver's car."

Given the price tag, it is perhaps unsurprising that this hand built car will be made in small numbers. The boutique brand is famed for the personal relationships it has with its customer base, and the fact it only sells to people it likes.

The car was launched at the Dorchester Hotel recently and will be built in the firm's plant in Chichester, West Sussex.

See images of the new car here: http://www.mirror.co.uk/tech/bristol-bullet-british-car-makers-8520599