It is 1950 and the Liverpool repertory theatre company is rehearsing its Christmas production of Peter Pan, a story of childhood innocence and loss. Stella has been taken on as assistant stage manager and quickly becomes obsessed with Meredith, the dissolute director. But it is only when the celebrated O'Hara arrives to take the lead that a different drama unfolds. In it, he and Stella are bound together in a past that neither dares to interpret.