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Luxury carmaker Porsche has sold more cars in the 11 months to November than in the whole of last year.

Hopes that the world's richest car company Porsche (it made more last year from stock trading than making cars) could avoid the recession have been dashed.

Today the German said sales fell by 15 per cent in the first nine months of its financial year to 4.6 billion euros.

Luxury sportscar maker Porsche has taken over Volkswagen, the biggest European car manufacturer, after purchasing more than 50 percent of VW shares,

Porsche said in a brief statement that by buying new VW shares, it "will thus increase its participation to 50.76 percent" of the group's capital, compared with 42 percent before.

The favourite vehicle of the nation's corporate lawyers has seen a sharp fall in sales.

German luxury auto maker Porsche say that the global slowdown was hitting sales of its cars.

It estimated  that sales had dropped by 18 percent to 25,200 vehicles since August compared with the same period a year earlier.

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Five Minutes With

David Hughes sums up his entrepreneurial career to date thus: four spectacular successes and two failures. He founded the sports retailer Allsports and achieved turnover of £180 million before a vicious price war meant decline, administration in 2005 and a sell-off to rival JD Sports.

It took Richard Shonn, managing director of 151 Products, three years to find a warehouse big enough for his requirements.