Despite being the great-grandson of the man who started the Price & Sons shoe factory in Northampton, Charlie Price (JOEL EDGERTON) isn't that interested in the family business. Instead, he's moved away with his fiancée Nicola (JEMIMA ROOPER), but a phone call reporting his father's death brings him back home. There, he quickly finds that the factory is in bad business shape and realizes he might have to let some of the workers go.
After drowning his sorrows at the local pub, he has a chance encounter with a brassy lounge singer, Lola (CHIWETEL EJIOFOR), and manages to save her from some troublemakers but ends up getting knocked out in the process. When Charlie comes to, he soon realizes that Lola is actually a guy in drag and watches him perform on stage before sneaking out.
Back at the factory, Charlie unhappily starts to fire some of his employees, including Lauren (SARAH-JANE POTTS) who -- grasping at straws -- says that perhaps they should change their product. Remembering Lola complaining about the poor footwear choices for drag queens like himself, Charlie comes up with the idea to manufacture reinforced, high-heel boots for the likes of Lola and others of his ilk, a decision that initially doesn't sit that well with long-time workers such as Don (NICK FROST).
Nevertheless, Charlie and Lola forge an unlikely friendship and business arrangement as the former tries to save the factory and its workers, while the latter must deal with others' reactions to him and the fact that he's nearing the upper age bracket for his line of work.