svn: Repository moved permanently; please relocate

Apparently, ispCP has changed its repository URL (why :800? Think of the children^Wfirewalls!), leading to:

$ svn update
svn: Repository moved permanently to '' ; \
please relocate
Luckily, svn switch is here to help, the magic command to resolve this one was:
$ svn switch --relocate \ .

$ svn info | grep -A1 ^URL
Repository Root: