Oxford River Cruises and The Folly become employee owned

Founder hands the Thames cruise operator and riverside restaurant to their staff, 22 years after starting the business Oxford River Cruises and The Folly, the river cruise operator and restaurant at Folly Bridge, have become employee owned. Founder Giles Dobson has sold his shares to an Employee Ownership Trust, which now holds both businesses on behalf of everyone who works in them. Giles started the business 22 years ago, taking visitors out on the Thames aboard the businesses first boat, Bacchanalia. He took on The Folly, the restaurant beside Folly Bridge, in 2011, becoming, as he puts it, an accidental restaurant owner. The restaurant site had struggled under successive previous owners but combining the beautiful riverside setting with boating and fine dining proved to be a successful formula. The business now runs a fleet of electric river launches for public cruises and private hire, alongside what has become one of the city’s best-known riverside dining rooms. The business employs around 50 people, rising over the summer season. A long serving core team is complemented by regularly returning seasonal boat skippers and front of house staff, often providing a first taste of employment for local teens.
He told staff at a gathering this week that he had looked at the usual ways of exiting a business and rejected all of them. “Over the years, I’ve had a few ideas that have worked out well, but the professionalism and high standards we have today are, above all, down to the wonderful team I work with. It makes me incredibly proud to read such glowing comments from people about how special they find their time with us, whether out on the water or in the restaurant.

Together, we’ve built something over the past 22 years that’s grown far beyond the original idea I had when we started. I wanted to find a way to protect the business we’ve built together, along with the unique culture that makes it what it is today. Ideally, I also wanted to find a way for everyone who works here to have a genuine stake in the future of the business. That’s when I came across the idea of transferring ownership of the business to its employees through an Employee Ownership Trust.” James de le Vingne, Chief Executive of the Employee Ownership Association, said:

“How wonderful to see this truly unique business pass ownership to all its employees. It seems fitting in a city full of history that Oxford River Cruises and the Folly Restaurant have put in place an Employee Ownership Trust that will exist in law for 125 years. We know that all-employee ownership can protect the character and culture of a company and help secure its financial resilience. Their new EO model lays the foundation to go on providing truly unforgettable experiences to customers for decades to come.”