Ciro Citterio takes Dunn & Co into the fold

The Dunn & Co chain of men's outfitters was rescued from receivership yesterday when fashion retailer Ciro Citterio bought the group for an undisclosed sum. The deal will save nearly 500 jobs as the purchaser pledged it would maintain the group's 130 stores, its warehouse and head office.

But though the Dunn & Co name will survive, it will be in a diminished form. "Some of the shop names will be changed to Ciro Citterio as that is the more successful format," a spokeswoman confirmed. "But we will retain the Dunn & Co name where it works."

Peter Fitzpatrick, Ciro Citterio's operations director, said: "Strong design and quality coupled with customer service have always been our hallmarks and we plan to inject these strengths into Dunn & Co." Ciro Citterio has around 200 stores in Britain.

The group is run by the Thakrar family, who are thought to have moved to Britain from Uganda in the 1970s. It acquired the Hornes menswear chain in 1993 and last year bought the Oakland menswear chain after its owner, the Facia group, collapsed into receivership.

Receivers KPMG declined to say how much the group paid for Dunn & Co. However, it is understood that unsecured creditors, who are owed pounds 4m, are unlikely to receive a dividend.

Dunn & Co, which was founded in 1886, slid into receivership a week before Christmas with debts of pounds 6.4m. Its trading record was poor and it had been losing pounds 1m a year on sales of pounds 25m.

However, trading has picked up and KPMG said sales during the first 15 days of Dunn's Christmas sale reached pounds 2.3m. This was ahead of the same period last year.

KPMG is still trying to sell Dunn & Co's corporate clothing operation but remains confident a buyer can be found.

KPMG's Paul Jeffrey said: "This is a satisfactory deal and we are pleased that the uncertainty surrounding Dunn & Co has been removed so quickly."

Dunn & Co was the result of a buyout in 1994 and prior to the receivership venture capitalists CinVen owned 86 per cent of the group.

The receivers' task in finding a buyer for chain, which has a reputation for tweedy suits and formal flannels, has probably been eased by buoyant conditions on the high street.

ebookA unique anthology of reporting and analysis of a crucial period of history
Life and Style
Arts and Entertainment
While many films were released, few managed to match the success of James Bond blockbuster 'Skyfall'
Arts and Entertainment
Up my street: The residents of the elegant Moray Place in Edinburgh's Georgian New Town
tvBBC's The Secret History of Our Streets reveals a fascinating window into Britain's past
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Business Analyst

£300 - £350 per day: Orgtel: Job Title: Business Analyst Rate: £300 - £350 per...

Trade Desk Specialist (Linux, Windows, FIX, Finance, Networks)

£60000 per annum: Harrington Starr: Trade Desk Specialist (Linux, Windows, FIX...

Associate CXL Consultant

£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...

Project Manager - ETRM/CTRM

£70000 - £90000 per annum + Job Satisfaction: Harrington Starr: Project Manage...

Day In a Page

Backhanders, bribery and abuses of power have soared in China as economy surges

Bribery and abuses of power soar in China

The bribery is fuelled by the surge in China's economy but the rules of corruption are subtle and unspoken, finds Evan Osnos, as he learns the dark arts from a master
Commonwealth Games 2014: Highland terriers stole the show at the opening ceremony

Highland terriers steal the show at opening ceremony

Gillian Orr explores why a dog loved by film stars and presidents is finally having its day
German art world rocked as artists use renowned fat sculpture to distil schnapps

Brewing the fat from artwork angers widow of sculptor

Part of Joseph Beuys' 1982 sculpture 'Fettecke' used to distil schnapps
BBC's The Secret History of Our Streets reveals a fascinating window into Britain's past

BBC takes viewers back down memory lane

The Secret History of Our Streets, which returns with three films looking at Scottish streets, is the inverse of Benefits Street - delivering warmth instead of cynicism
Joe, film review: Nicolas Cage delivers an astonishing performance in low budget drama

Nicolas Cage shines in low-budget drama Joe

Cage plays an ex-con in David Gordon Green's independent drama, which has been adapted from a novel by Larry Brown
How to make your own gourmet ice lollies, granitas, slushy cocktails and frozen yoghurt

Make your own ice lollies and frozen yoghurt

Think outside the cool box for this summer's tempting frozen treats
Ford Fiesta is UK's most popular car of all-time, with sales topping 4.1 million since 1976

Fiesta is UK's most popular car of all-time

Sales have topped 4.1 million since 1976. To celebrate this milestone, four Independent writers recall their Fiestas with pride
10 best reed diffusers

Heaven scent: 10 best reed diffusers

Keep your rooms smelling summery and fresh with one of these subtle but distinctive home fragrances that’ll last you months
Commonwealth Games 2014: Female boxers set to compete for first time

Female boxers set to compete at Commonwealth Games for first time

There’s no favourites and with no headguards anything could happen
Five things we’ve learned so far about Manchester United under Louis van Gaal

Five things we’ve learned so far about United under Van Gaal

It’s impossible to avoid the impression that the Dutch manager is playing to the gallery a little
Screwing your way to the top? Good for Lana Del Rey for helping kill that myth

Screwing your way to the top?

Good for Lana Del Rey for helping kill that myth, says Grace Dent
Will the young Britons fighting in Syria be allowed to return home and resume their lives?

Will Britons fighting in Syria be able to resume their lives?

Tony Blair's Terrorism Act 2006 has made it an offence to take part in military action abroad with a "political, ideological, religious or racial motive"
Beyoncé poses as Rosie the Riveter, the wartime poster girl who became a feminist pin-up

Beyoncé poses as Rosie the Riveter

The wartime poster girl became the ultimate American symbol of female empowerment
The quest to find the perfect pair of earphones: Are custom, 3D printed earbuds the solution?

The quest to find the perfect pair of earphones

Earphones don't fit properly, offer mediocre audio quality and can even be painful. So the quest to design the perfect pair is music to Seth Stevenson's ears
US Army's shooting star: Lt-Col Steven Cole is the man Hollywood calls when it wants to borrow a tank or check a military uniform

Meet the US Army's shooting star

Lt-Col Steven Cole is the man Hollywood calls when it wants to borrow a tank or check a military uniform