I believe Herr Sichel is right. I found the same picture on a coachbuilder site with this caption:
"Frazer-Nash 2000 Spider
Another “unique piece” made by Touring. It is a 2000cc Fraser-Nash spider specially built for the Shah of Persia Reza Palhavi in 1948. Pictured here on the Pincio terrace in Rome, early June 1948, presented at the Concorso d’Eleganza. The small English house, which was part of the Bristol group, exploited the mechanics of the BMW 328, on the basis of a license agreement contracted with the Munich house before the war." So there is a Bristol connection.