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Entrepreneur Paul Abbott has joined forces with Stamford Group, a manufacturer of plastic products, to buy car dealership chain Philip Wilks & Sons for £15 million.

Abbott and Stamford formed a joint venture called Bishop Commercial Holdings to acquire Philip Wilks, which runs three car dealerships and nine petrol stations.

Based in Tyne and Wear, family-run Philip Wilks employs about 135 people and makes a £42 million turnover. Abbott, who is based in Manchester, now intends to expand the firm, increasing its turnover to some £65 million in the next five years. He is also looking at further acquisitions in the Northeast.

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