Bugatti, the French supercar manufacturer, has unveiled the world's most expensive new car, which it said was sold to an unnamed buyer for €11 million (£9.5m).

The company said the "special hyper sports car was hand-crafted for a Bugatti enthusiast".

"La Voiture Noire is a collection of superlatives,” said Bugatti president Stephan Winkelmann.

The company added: "Apart from design, quality and materials, this also applies to the iconic power plant.

"The 16-cylinder engine with a displacement of 8 litres produces 1,103 kW/1,500 PS.

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"A car collector purchased this unique vehicle for €11 million net, making it the world’s most expensive new car and continuing the long tradition of Bugatti."

It was reported the that the Bugatti was thought to have overtaken the previous new car high of about £8-9m for a Rolls-Royce Sweptail.

Packaging firm DS Smith has agreed to sell its plastics division to private equity firm Olympus Partners for an enterprise value of $585 million (£450m).

It expects net proceeds of £400m from the deal.

Shares in DS Smith lifted three per cent after the announcement.

Group chief executive Miles Roberts said: "I am delighted to confirm that we have reached an agreement for the sale of our plastics division.

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"The transaction is attractive both financially and strategically for DS Smith as, together with the acquisition of Europac, we reinforce our position as a leader in sustainable packaging with a clear focus on our fibre-based business.

"My colleagues in the plastics division have worked hard to build the business into the success that it is today, and that quality has been recognised by Olympus Partners."

Infrastructure services firm Costain said chief executive Andrew Wyllie is retiring after 14 years in the top job.

He will be succeeded by Alex Vaughan, currently managing director of the group's natural resources division, on May 7.

Mr Vaughan joined Costain in 1992 and was appointed to the executive board in 2006.

Details of the changeover at the top came as Costain reported full-year figures showing underlying pre-tax profits lifted 13 per cent to £49.7 million in 2018 as it ended the year with a record £4.2 billion order book. On a statutory basis, profits dropped 3.8% to £40.2m.