Independent Oxford businesses The Folly Restaurant and Oxford River Cruises are now owned by their employees.
Founder Giles Dobson has passed on the businesses to employees, selling his shares to an Employee Ownership Trust, which holds the businesses on behalf of everyone who works for them.
The Folly photo (c) John Cairns
Thames cruise operator, Oxford River Cruises was started by Giles 22 years ago. He took on The Folly Restaurant at Folly Bridge in 2011, combining the beautiful riverside setting with boating and fine dining.
Around 50 people now work at the businesses rising over the summer season. The team run a fleet of electric river launches for public cruises and private hire, alongside one of the city’s best-known riverside dining rooms.
Giles had looked at the usual ways of exiting a business and rejected all of them. He says: “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.”
Staff with nine months’ service will become a beneficiary of the Employee Ownership Trust and share in a proportion of profits each year. Nobody has to buy shares or put up money of their own, and the trust will pay for the business out of future profit.
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.”
Discover more about The Folly Restaurant and Oxford River Cruises.
