The story opens in London in 1992. Paul Raymond (Steve Coogan) returns to his flat after attending the funeral of his daughter Debbie (Imogen Poots). Raymond plays a videotape of a TV programme he and Debbie took part in and reflects on their lives.

In a flashback to the late 1950s, Raymond is an impresario on the seaside variety show circuit, where he is making a name for himself by adding semi-nude women to his stage acts. After a lion attacks the show's dancers, his wife Jean (Anna Friel) joins the show. When the Daily Sketch claims that Jean performed nude, Raymond sues the newspaper unsuccessfully but appreciates the ensuing publicity, after which Raymond launches his London strip club, the Raymond Revue Bar. Its success allows him to expand his property empire and also indulge in a playboy lifestyle, which his wife tolerates.

In the early 1970s, Raymond moves into theatrical revues and casts aspiring actress Amber St. George (Tamsin Egerton) in a nude revue. Raymond moves in with her and his marriage to Jean ends. Raymond also agrees to meet a grown son, Derry, he sired out of wedlock, but after an awkward dinner together, he gives Derry no more of his time.

Raymond is approached by Tony Power to fund a men's magazine, Men Only. The magazine is a huge success, in part thanks to roving sex reporter Fiona Richmond, the pseudonym of St. George. Raymond continues to enjoy a hedonistic, coke-fuelled lifestyle. This becomes too much for St. George and their relationship ends.

Into this mix, his daughter Debbie is introduced. Initially, Raymond tries to make her a star in his theatrical ventures, but she lacks talent and the show is an unprecedented failure for him. Tony Power introduces her to cocaine, which leads to a downward spiral of substance abuse, in part aided by her father.

Debbie marries musician Jonathan Hodge, and when Jean returns for the wedding, she volunteers to pose nude for Raymond's magazine. Debbie gives birth to a girl, sniffing a line of coke in the delivery room that her father provides. She dies in 1992 of a heroin overdose.

After the funeral, Raymond returns home with his granddaughter, pointing out the property he owns that will someday belong to her. An epilogue reveals that when Raymond died, he was the richest man in all of Britain.