As the Shelbys come to terms with shocking events, Tommy makes a decision he may come to regret. Meanwhile, a bold new enemy makes his move.
Following the events of the previous episode, The Noose, in which Thomas' brother, John Shelby was killed, Thomas endeavours to unite the Shelby family back unto the protection of the Peaky Blinders in Birmingham — believing their only true safe place to be Small Heath, he calls the family home. Meanwhile, we see flashbacks of Esme grieve over the loss of her husband, she reveals that she is going to take the children and head for the road.
Addressing the remaining Shelby family, Tommy reveals that the situation before them has been caused by the death of Vicente Changretta, and the Mafia will not leave until every member of the Shelby family is dead. Fearing that they lack the numbers, Tommy enlists the help of tough Romany Gypsy Aberama Gold, much to the dismay of Polly and Johnny Dogs. Tommy reveals that he has enlisted the help of Moss, but the police force are too busy with the revolution to protect the Shelby's. Knowing that the family is fractured, Tommy holds a vote, whether the family should stay divided or call peace; five vote for peace while two call truce. Meanwhile, Johnny Dogs and Charlie Strong go about arming the locals with the idea that every citizen of Small Heath is a Peaky bodyguard.
- "This is how John wanted to go. On the smoke. But the truth is, we died together once before. Arthur, me Danny Whizz-Bang, Freddie Thorne, Jeremiah, and John. We were cut off from the retreat, no bullets left, waiting for the Prussian cavalry to come, and to finish us off. And while we waited Jeremiah said we should sing In The Bleak Midwinter.But we were spared - the enemy never came. And we all agreed That everything after that was extra And when our time came, we would all remember."
- —Tommy to the Shelby family
The Shelby hold a funeral for John at the site of the gypsy Lee families remaining homes. Citing the war, he reminds the family that John, Arthur, Tommy and Danny Whizz-Bang had faced death before in the war and believe everything that came afterwards was extra. With this, the family burn John's body, but are disturbed when firing is heard in the distance and we see a Peaky enemy shot by Aberama Gold's men. Polly objects, leading to Tommy telling those who no longer want to be part of it return home. Linda makes a joke that the only way a Shelby truly escapes is through death.
Polly visits Michael in hospital, visibly angry when she finds the Peaky guards drunk and asleep instead of watching over Michael. Michael manages to speak, revealing his sadness over the passing of John. Michael questions Tommy's location, with Polly revealing that the Shelby family has returned home. Polly announces that she has made her decision and the two are going to leave Birmingham for Australia. However, Michael ignores his mother, asking to see Tommy and wondering about the current affairs of Shelby Company Limited.
Aberama enquires about the cost of Charlie's yard, however he admits that it is not for sale. Nevertheless, Aberama tells Tommy that he wants the yard and it will become part of the deal between them. Tommy makes a joke of the situation, telling that they will spin a coin; if it lands heads, Aberama gets the yard, but if it lands tails, Tommy gets to sleep with his daughter. Aberama declines the wager, with Tommy warning him never to disrespect his friends property again.
When Polly arrives at the yard, Tommy enquires about Michael's health, with Polly making a joke of the price paid for the men watching him. Thomas admits that he needs Polly back, fearing that she is going the way their mother went. Polly admits that she is like Tommy and Arthur now, with everything after the hanging as "extra". She warns Tommy not to take anyone on in the factories or sleep with any whores that have not been vetted by Lizzie. She further warns Tommy about Aberama and the true cost of the alliance between him and the Shelby family.
Heeding Polly's advice, Thomas meets with Aberama in the stables. Questioning his price for the alliance, Aberama reveals that he wants Tommy to take a chance on his son and help him reach his ambition. Tommy questions his ambition, but the scene cuts before we find out more.
Inspector Moss looks for Tommy and Linda's house, however she reveals that he is not home, and perhaps should not go looking for him this late at night given the company Thomas keeps. Moss leaves Linda with the message that Ada Thorne is the top of a list of suspected Communists under investigation. Ada is believed to have come back to Birmingham from the US to spark a revolution. Linda reveals that they are incorrect, as Ada has returned to take up position at the company, much to his dismay.
May Carleton arrives at Charlie's yard, revealing that she has come to train another of Thomas' horse. She questions how Tommy is, with Curly admitting that, given the Mafia's hit on them, Tommy has been a little hard on the family. May looks visibly worried about Tommy's health, exclaiming "Jesus Christ".
At the factory, Tommy tells Billy Mills that Bonnie Gold wishes to fight him despite warnings from Billy that he is too small. Arthur takes wagers from the crowd, giving good odds on Bonnie, who all suspect will loose the fight. When the fight begins, both are quick in the ring, however Bonnie is able to get the upper hand, knocking Billy out within a couple of punches. Aberama reveals that Bonnie has fought 25-times, and won by knocking out his opponent every time. Tommy talks with Arthur, admitting that Bonnie fighting for the Shelby's could be good for business, hinting at fixing the fights each time. Tommy welcomes Bonnie as a Peaky Blinder, handing him one of their signature hats.
Tommy cuts the meeting short with Aberama and Bonnie as he is confronted by Jessie Eden over workers' pay. She warns him that revolution is in the air, but when Tommy doesn't relent, she calls his bluff. As the situation plays out, Thomas Shelby's factory manager tells him he has one more meeting with a mysterious businessman from Paris. Tommy recognises the man as Luca Changretta instantly, questioning where Luca has come from, he understands that he has not come directly from France, so must be residing in Birmingham somewhere. Tommy pulls a gun on Luca, who reveals that he had previously sent someone into his office to unload his gun. Luca pulls bullets from his pocket labelled with Arthur, Polly and Michael, Ada and Tommy's name's on. He flicks a bullet with John's name, sarcastically remarking that it has already been spent.
- This marks John Shelby's final appearance in the show in present day as his corpse is burned by the Shelby family.
- Thomas Shelby (to Polly Shelby): "That's the language of vendetta. They took one of ours, we take two of theirs."
- Michael Gray (to Polly Gray): "I’m gonna get better slowly. But you need to get better fast. Without you, he falls apart; and without him they’ll take us all. You’ve got to get us through this."
- Polly Shelby: "I never thought my high fucking heels from Paris would be stepping through the whole shit of Small Heath ever again."
- Polly Shelby: "When you're dead already you're free."
- Curly (to May Carleton): "Yeah, there's 15 of them. Yeah, they want to kill us all. But we've got guns and grenades and Aunt Polly's back, so it's going to be OK. Yeah."
- Bonnie Gold: "I could fight a fucking tree and knock it out, Mr Shelby."
- Luca Changretta (to Thomas Shelby): I heard you dress well, Mr. Shelby. But now I see, not so well as me."