Gay Daventry, a producer and stage star, goes bankrupt when her new London operetta, similar to a Ruritanian Ivor Novello musical, is a disappointing failure. She agrees with the show's ingénue, Linda, to open a drama school with Linda's money at Gay's country house in Folkestone. Meanwhile, two smugglers hope to use the school as a front for their illegal activities. When she finally presents her show at Town Hall, Gay unexpectedly finds herself onstage with her cast members, and ultimately attempts to auction off her valuables in an attempt to save her school. Little does she know that insodoing she will foil the smugglers and maybe even turn out a hit new show!