New investor saves family-owned Toowoomba firm

THE future of an iconic Toowoomba company has been revealed after a halting start to the year.

Renowned family-owned business Cakes Galore, famous for its Quality Desserts baked goods, will wind down production in the coming days before launching under its new banner, Indulgent Bakery Products.

CEO Julian Lancaster-Smith said Cakes Galore went into administration earlier this year before going through liquidation.

But with the backing of a new investor, the family-owned company is looking to continue trading under the new name.

He said Cakes Galore would wind down in the coming days stopping operations mid-week before ramping up again, hopefully by the end of the week.

"We're still producing today (but) there will be a couple of days where we don't do anything," Mr Lancaster-Smith said.

"There is another entity that is buying that business (Cakes Galore).

"We're still in the process of that happening."

Mr Lancaster-Smith said staff were told on Friday of the changes, and he would retain his position as CEO in the new outfit.

"It's still going to be a family-owned business, and we have an investor," he said.