Women's wear label Paul Costelloe has been rescued from administration by Portuguese clothing manufacturer Calvelex, which has set up a new unit to operate the brand's licence.

The move comes after Signature Brands International (SBI), the company that previously owned the licence for Paul Costelloe's women's wear collections, called in the administrators at the end of last month. Other licenses owned by Signature Brands included Dannimac and Four Seasons.

Administrators from Ernst & Young are trying to sell the company's assets, including the Dannimac brand.