A total 50 teams from a range of local businesses and other organisations took part, raising money for Age UK Milton Keynes.
The races – five boats at a time over a 200-metre course – were cheered on by thousands of spectators.
First-time entrants and Silver crew Makita UK (pictured) were eventual winners, beating Rexam Bev Can and Technip E & C Ltd into second and third place in a closely fought final.
Mixed champions were Winterhalter Ltd and charity champions were the Celestia Comets team from Kuehne + Nagel.
The ‘best dressed’ team, in pirate costume, was Knorr-Bremse Rail Services.
All the winning crews received trophies and floral bouquets courtesy of Ruth’s Floral Design Studio.
Kuehne + Nagel (Celestia Comets) also received a £300 voucher towards a prize meal, courtesy of The Swan at Salford, for raising the most money for Age UK Milton Keynes.
It is estimated that more than £15,000 was raised for charity by the festival with more money coming in.
Carol Lester, of festival organisers Gable Events, said: “It is a testament to the continued popularity of this event that so many teams took part again this year, including many first-time entrants, two of whom came in the top three.
“It was fantastic to see so many people enjoying the racing in beautiful sunshine and participating in the activities on the banks of the lake. Five companies took up the option of our Gold and Silver sponsorship packages which not only increased their company profile at the event but also raised £3,250 for Age UK Milton Keynes.”
Age UK Milton Keynes has been working with and for older people in the local community for over 35 years. Chief executive Jane Palmer said: “This has been a fabulous event, raising vital funds to help us continue to support the thousands of older people who rely on us every year. As a local charity we appreciate the generosity of the Milton Keynes community; all money we raise in Milton Keynes stays in Milton Keynes.”