Retail Property - For sale sign hoisted on 100 Ciro Citterio stores

Marketing has begun on the 100-strong portfolio of Ciro Citterio menswear stores. Michael Peddar & Co has won the disposal instruction from administrator Kroll, and is already receiving offers for both bulk and individual deals.

The mix of high street and shopping centre stores are spread across the UK, with an additional outlet in Dublin. Nine stores have already closed and will be handed back to the landlords, while the administrators are trading the remainder.

Michael Peddar & Co associate director Mike Sheridan, who is handling the disposals, said the strategy is to reduce the portfolio to 60 profitable stores, which can then be sold as a going concern.

'The remainder (of the stores) - and that includes locations such as Meadowhall, the MetroCentre and West Quay - don't make a contribution to profits, and we are in a position to do deals on them,' Sheridan said.

There have already been unsolicited offers on some of the profitable stores, and Sheridan said if a bid was high enough, the administrators may also let these go.

There have been a number of offers for bulk deals - ranging from 20 to 30 stores down to two or three - from other retailers keen to meet expansion plans in one fell swoop.

'We've had exceptional interest,' Sheridan said. 'This is the first time a decent town centre portfolio has come to the market for some time.'