Fashion brand Laura Ashley has been bought out by a US investment firm – but administrators say they are continuing to look at the future of its factories.

The iconic chain, which has its origins in Mid Wales, has been snapped up by Gordon Brothers, which describes itself as a "global advisory, restructuring and investment firm".

It has taken over the brand, archives, and intellectual property rights for the firm.

"Laura Ashley is a true giant among British lifestyle brands, possessing a unique ability to span geographies, product categories, and price points," said Ramez Toubassy, president of brands for Gordon Brothers.

"We feel humbled and inspired by the responsibility to reignite Mrs. Ashley's original vision while delivering unique and contemporary products to both long-time followers and new customers from around the world."

Gordon Brothers has pledged to work with the company's management to develop new strategies for the business, but has said this could involve a "streamlined" portfolio of stores in the UK and Ireland.

The company also said it "intends to place a strong emphasis on building e-commerce", developing more strategic wholesale relationships, and expanding the portfolio of licensees and franchisees globally.

"Throughout this process, Gordon Brothers has shown a passion for the Laura Ashley brand and I am delighted that, under their ownership, there will be a real opportunity to grow its profile worldwide," said joint administrator Rob Lewis of PwC.

"Whilst we have taken an important step forward in securing the sale of the brand, we continue to explore opportunities to reshape the UK store based retail and manufacturing businesses and are very grateful for the efforts of the entire team at Laura Ashley in helping us with those discussions."

Laura Ashley's first shop was opened in Machynlleth in 1961, and the company had a factory in Carno. It still has factories on the Mochdre and Vastre Industrial Estates in Newtown.

The County Times has approached the companies to clarify the impact of the deal on its manufacturing facilities.