Iconic Bay of Plenty business Maketu Pies has been given a lifeline after a buyer was found for the company.

Te Arawa Management Ltd (TAML), the commercial subsidiary of Te Arawa Lakes Trust, purchased Maketu Pies after it went into receivership earlier this month because of the "critical financial position" it was in.

Taa Toby Curtis, Te Arawa Lakes Trust chairman, said the purchase was "simply the right fit" for the subsidiary and its role in supporting the future growth of Te Arawa, its assets and whānau.

"Just as importantly, the decision is about ensuring Maketu Pies stays in local hands, rather than heading offshore or away from the Bay of Plenty.

"As a result, we can ensure that it will continue to support the local economy."

Owned by husband and wife Grant and Karen Wilson, the business on Little Waihi Rd has operated in Maketū for about 36 years and is the community's biggest employer of about 40 staff, mostly locals.

TAML commercial manager Cassandra Crowley said they would be looking for opportunities to solidify and develop Maketu Pies, including exploring potential partnerships with other businesses and organisations that could benefit the operation, and the local community.

"We're really excited about this development and what it could mean for Maketu Pies, our people and wider Te Arawa.

"And it goes without saying that we're particularly pleased that New Zealanders and manuhiri (visitors) alike will still be able to get their favourite Maketu Pie at corner shops, supermarkets and service stations across the country!"