It's 1937 England and Laura Henderson (JUDI DENCH) is a nearly 70-year-old woman who's decided she's now bored with her recent widowhood. Accordingly, she uses some of her wealth to buy an old theater in London. Although she knows next to nothing about owning such an operation, she's certain she wants theater veteran Vivian Van Damm (BOB HOSKINS) to run the place, even if he's initially reluctant to agree.
He eventually does, and with her blessing, they put on daily musical reviews, leading to much success. But when others copy their mold, revenues drop and they're forced to come up with something new. It's then when Laura decides they should put on nudie shows to differentiate themselves from the others, as well as entertain the young servicemen now in the throes of WWII.
A local official, Lord Cromer (CHRISTOPHER GUEST), is concerned about any nudity appearing on the stage, but Laura devises a workaround. As long as the nudity is restricted to young women posing as classic artwork -- meaning motionless figures -- they won't be breaking any laws. Soon, Vivian and his assistants, including gay performer Bertie (WILL YOUNG), are choosing the actresses/models, such as the alluring Maureen (KELLY REILLY), and it's not long before the theater is once again a sold-out success.
But with the effects of the war striking ever closer to home, and Laura and Vivian occasionally clashing like an old married couple, it's uncertain how long the theater can remain open.