A man creeps down a winding staircase, then climbs a ladder against a high brick wall. He lands the other side and runs off, having made his escape from prison.

In a pub in London, three men talk. They are Terry, Patsy and Tim, all career criminals. Terry tells his friends about an acquaintance who has become a high-society millionaire, with an estate near Southampton, thanks to property deals effected by bribing councillors and town planners. Now he wants a knighthood.

After last orders, the publican, George, telephones the police and uses his Masonic connections to arrange after-hours drinking for his friends. Upstairs, the friends are reunited with Ronnie, the prison escapee.

George explains that he has learned from a customer of a vulnerable consignment of gold bullion being kept on the site of an as-yet incomplete Southampton airport terminal. They decide to raid it, via Terry's rich friend's estate.

On the way to survey the area the next day, Terry explains how the friend reached his position in society through corruption and by making donations to old people's charities and the Conservative party.

Posing as anglers, they photograph the site of the compound containing the bullion. Then they visit Terry's friend, Archibald Cooper MBE, on the pretext of a business trip. Terry exploits Cooper's interest in young women, offering to introduce him to an attractive friend, and secures an invitation for the party to stay the next week, when Cooper's wife, who prefers working-class pursuits to the high-life, will be away.

The next week, the gang stay with cooper, who is pleased to have been set-up with Terry's girlfriend, Hazel. The butler, Charlie, is brought into the heist plan when he reveals himself to be a like-minded ex-convict on the run following a jewellery theft. Meanwhile, Cooper learns he is to be knighted. When his wife decides to return home early, the gang bring their heist plan forward to that night, to coincide with the hunt ball hosted by Cooper.

At the ball, the local chief constable announces Cooper's impending knighthood and his substantial donation to the local youth club. Terry and Patsy mix with the guests before slipping out to join Tim and George, who are pretending to fish.

The gang approach the compound by boat and climb onto the roof of the strongroom. They manage to add a strong sedative to the guard's tea; he drinks it and quickly falls asleep. The thieves lower themselves into the vault, tie up the guard and pass the gold bars out through the roof.

They take the boat back to Cooper's estate and return to the ball. Later, the chief constable informs Cooper of the raid. The thieves arrange to get a lift with Cooper - who is keen to avoid his wife on her return - back to London the next day.

Early in the morning, Cooper and the gang leave the area in his Rolls Royce. They are stopped at a police checkpoint but the deferential policemen are primarily interested in arranging some fishing on Cooper's estate and let his car through. Shortly afterwards, Charlie is also allowed through unchallenged, towing Cooper's horsebox, with the gold hidden inside.

Back at the pub that night, a detective calls soliciting donations for a police benevolent event in aid of a murdered policeman's widow. George is more than happy to donate generously and the police move on. Upstairs, George tells his fiends that the police have no clue who was responsible for the raid, which has netted them £300,000 each.

Later, the gang enjoy the high life on the continent and plan what do with their fortunes. From a newspaper they learn of Cooper's continuing rise. Ronnie talks about getting into white collar property crime, bribing the great and the good.

At the palace, Cooper receives his tap on the shoulder from the queen, becoming Sir Archibald.