Hilco UK, a retail turnaround firm, has put its new purchase, Ciro Citterio, a loss-making fashion retailer, into administration as part of its "road to recovery".

Hilco UK acquired the loss-making Ciro Citterio 98-store chain from Trident Fashions for around £3m (€4.3m) last week. It made £9.7m of losses last year on a turnover of £65m, and further losses have been projected for this year, Hilco UK said.