Thanks for the speculation on the letters. I concede I was too hasty with "Salignac".

To summarise:
1. A 70mm wide BB. So likely an Italian frame.
2. The brand name. Based on the spacing likely 5 or 6 letters. Possibly _ R E _ _ _. As R & E are capital letters then likely all capital letters. Could the third letter be a capital D or J?
3. The lower word. Town of origin? Based on the spacing again likely 9 or 10 letters. Possibly S A _ _ _ N A C _ _. Could the third letter be a capital B or D? Fourth letter unsure. Fifth maybe a capital G or C?

A difficult riddle. Will perhaps try high resolution image again over the weekend. And perhaps post to flickr.