Stylish suit seller, Ciro Citterio - which called in the administrators three months ago - has been snapped up by Trident Fashions, a company backed by a group of Middle East investors. Now Ciro is set for a revamp as its new owner repositions the product as a more upmarket brand.

Trident has revealed that it is likely to keep its 130 stores - 40 underperforming outlets were closed by the administrators, Kroll Buchler Phillips.

And it also planning to open up some overseas branches. Ciro's flagship Oxford Street and Regent Street stores in London should be revamped by the autumn.