Following an unfortunate run of flops, impresario Gordon Maxwell is forced to announce the closure of his establishment, central London's Theatre Royal.

His staff, however, are far less willing to face financial reality and go away quietly. Some having worked at the theatre under Gordon's father and others simply being dedicated employees and lovers of the theatre, they resolve to band together and support Maxwell in raising the funds to continue.

One particular member of staff, Bob Parker, is especially dedicated to the cause, having grown up with Gordon and enjoyed the long-gone olden days of spellbinding entertainment that his father produced. Bob begins rushing around London, trying to call in favours. It's soon apparent that Maxwell is lucky to have him on side: a one-time employee of his father's is orchestrating sabotage attempts against their efforts, determined to bring into his ownership the Theatre Royal, from which he was once fired.

As the company struggle to find funding, with an embarrassing encounter with a visiting American producer, and are eventually forced to go on tour and develop their own revue, things start looking more positive - but they're by no means out of the woods yet.