A dubious figure, Colin, is seen making a precarious money drop, hastily pocketing some cash from a suitcase before the deal. Meanwhile, in a secluded farmhouse, three men are in the process of splitting the cash when they are ambushed by gunmen. Outside a local pub, Colin’s accomplices are snatched away and meet a grim fate. Tragically, Colin meets his end at a swimming pool shortly after.
The narrative unfolds further to reveal the dominant gangster of the London underworld, Harold Shand, in what is regarded as Bob Hoskins' breakout role. He is in the midst of orchestrating a lucrative alliance with a group of wealthy, dubious Americans to fuel the exceptionally profitable London docklands development flourishing in the 1980s.
On Good Friday, while Shand’s mother is at church, her waiting chauffeur is killed when a devastating explosion obliterates her car. The news sends shockwaves through Shand, who is furious about the deteriorating code of conduct within the criminal world. This decline starkly mirrors the gradual decay of his own empire throughout the film. Faced with an ultimatum to rectify the situation within a mere 24 hours or risk losing the Americans’ backing, Shand’s pressure mounts.
The tension escalates when Shand learns of his friend Colin’s murder as well as the shocking discovery of a bomb at his casino, which fortunately fails to detonate. In an effort to cover up Colin’s death, the car bomb incident, and another explosion at a restaurant where he planned to dine, Shand frantically mobilizes informants and various underworld leaders, keen on unearthing the masterminds behind these traumatic events. Though his methods are ruthless, Shand insists that his actions abide by civil conventions.
As he navigates through the chaos, he expresses deep-seated grief over the erosion of neighborhoods, loss of reverence for the church, and the diminishing respect for his power and honor in an increasingly dismal England. Despite this, he professes a profound appreciation for the country’s rich history and feels compelled to create magnificent structures on the sites of abandoned dockyards.
Shand uncovers that the bombings are orchestrated by the IRA, retaliating for the relatively insignificant theft of £5,000 by Colin. It also becomes evident that the three men from the farmhouse earlier were linked to the IRA. The IRA make a connection between Shand and Colin, as the latter was acting as a courier without Shand’s awareness. Shand’s right-hand man chillingly informs him that attempting to confront the IRA is futile, stating, "they're fanatics," and emphasizes that eliminating a few will only lead to many more arising in their place. This ominous revelation indicates an inescapable takeover of Shand’s empire by the IRA.
In a desperate bid to regain control, Shand agrees to meet with the IRA under the guise of making a payment of £60,000, but instead, he ambushes and kills them. Despite his violent maneuver, the Americans abandon the deal, deeming him merely a gangster. In a final confrontation, he admonishes them for their lack of guts and vision, declaring he will turn his sights towards the Germans and will not be deterred. However, as he exits the meeting, the tables turn; he is captured by the IRA, marking the definitive end of his reign.
