British homeware and fashion brand Laura Ashley has been rescued from administration at the last minute.

Global advisory, restructuring and investment firm Gordon Brothers has acquired the retailer's global brand, its archives and related intellectual property from administration, as reported by Retail Gazette.

Laura Ashley has a store in Cirencester and a concession at Blooms in Quedgeley. It closed its Cheltenham store earlier this year.

Gordon Brothers said it intends to build up the company's online operation, as well as developing more strategic wholesale relationships and expanding the portfolio of licensees and franchisees globally. It is said to be considering keeping a streamlined portfolio of stores in the UK and Ireland.

After failing to secure emergency funding amid coronavirus concerns, Laura Ashley has already made 268 head office and back office staff redundant, while 1669 store staff are currently furloughed.

Laura Ashley has continued to trade online during the coronavirus crisis.