Ciro Citterio suits Indian buyer

MENSWEAR retailer Ciro Citterio, which can trace its roots to the birth of gentlemen's outfitter Dunn & Co in 1886, has come under new ownership once again, this time by an Indian suits manufacturer.

The business, which fell into administration twice in two years, has been turned round by the specialist restructuring firm Hilco UK, which has now sold the newly-profitable retailer to Anar, part of the Indorama Group of India.

Hilco bought Ciro last September after the retailer had piled up losses of £10m. It restructured the underlying business, including a number of shop closures, and it is now back in the black. No price has been disclosed for the deal.

Paul McGowan of Hilco said: 'The underlying business is strong and Anar's background in the manufacture of men's suits would appear to make them the ideal partner to take the business forward. As part of the Indorama Group, Anar is also well placed to make the investment required to re-stock the business.'

Hilco is the European arm of the US restructuring specialist Hilco Organisation. Previous deals in Britain have included the acquisition of Glasgow-based homewares company Texstyle World, and the takeover of toys and hobbies group Beatties of London, which it later restructured and sold.