The venue's flexibility allows event planning from idyllic dinners for 20 people to gigs fitting nearly 1,000 people. Depending on the style of the table service, a gala dinner in Toivo can seat up to 510 people.
Toivo Restaurant is named after a sailing frigate built in Oulu in 1871. The ship sailed around the world carrying cargo, and its long voyages inspired the legend and the song "Laiva Toivo Oulusta" ("The Ship Toivo from Oulu"). The song recounts the experiences of the sailors on the frigate. It was first performed in Oulu on 13 July 1877 when the bark Onni returned from a 2-year voyage. The song was sung by the crew who rowed from the Oulu roadstead, through the Toppila strait, to Pikisaari and finally to the city shore. By the next day, the whole city was singing the song, says Yrjö Kaukiainen, who authored a book on the ship and song's history. Still today, the song about Toivo keeps a bit of history alive.