Toby Watson brings strategic expertise to support his wife Lucy’s innovative musical ‘Level Up!’ which premiered at the Edinburgh Fringe Festival 2025.
Bringing ambitious theatre productions to life requires more than creative vision—it demands robust financial planning, strategic partnerships, and operational expertise. Toby Watson, with his extensive background in structured finance and investment banking, provides precisely this foundation for his wife Lucy’s groundbreaking musical ‘Level Up!’ The production, which explores digital society through gaming aesthetics and contemporary themes, benefits from a unique partnership that combines artistic innovation with financial acumen. His strategic approach ensures the creative vision reaches audiences without compromise.
Toby Watson has taken on a supporting role behind one of the most talked-about theatrical productions of 2025. His wife Lucy’s musical ‘Level Up!’, co-written with Julian Kirk, premiered at the Edinburgh Fringe Festival before transferring to London’s Waterloo East Theatre. The production tackles themes ranging from cryptocurrency bubbles to climate anxiety through a multimedia theatrical experience that has captured audiences across the UK. With plans for a German-language tour across Berlin, Vienna, and Zurich, the production demonstrates how strategic planning can transform creative ambition into sustainable success. The collaboration between Lucy’s artistic vision and her husband’s operational expertise has created a model for independent theatre production that balances innovation with financial viability.
When Finance Meets Theatre: A New Chapter
The partnership between Toby Watson and Lucy represents a modern approach to theatre production. Where traditional models often separate creative and business functions entirely, their collaboration demonstrates how integrated thinking can strengthen both aspects. Lucy develops the artistic vision—the narrative, staging, music, and ensemble work—whilst Toby Watson ensures the infrastructure exists to realise that vision without compromise.
How does he support ‘Level Up! The Musical’?
Toby Watson provides strategic planning, financial structuring, and operational oversight for the production. His experience translates directly into managing budgets and building sustainable partnerships. Where traditional models often separate creative and business functions entirely, their collaboration demonstrates how integrated thinking can strengthen both aspects. Lucy develops the artistic vision—the narrative, staging, music, and ensemble work—whilst her husband ensures the infrastructure exists to realise that vision without compromise.
From Investment Banking to the Stage
Toby Watson’s career at Goldman Sachs spanned seventeen years, during which he rose to Partner and served as Global Head of Structured Credit Trading. After leaving in 2017, he founded Cazalet Capital before becoming a founding partner at Rampart Capital in 2020. His professional journey reflects an ability to build structures and manage risk—qualities that prove transferable to theatrical production.
Transferable Skills in Theatre Production
The financial architecture of touring musicals shares similarities with structured finance. Productions like ‘Level Up!’ involve multiple layers of complexity:
- Detailed scenario planning and risk assessment
- Cash flow management across development and touring phases
- Coordination of diverse stakeholders
- Contract negotiations with venues and suppliers
- Insurance arrangements and complex scheduling
Toby Watson at Goldman Sachs developed these skills, now applied to theatrical production. Where others see creative chaos, he identifies patterns and opportunities for systematic improvement.
The Making of ‘Level Up!’
‘Level Up!’ emerged from Lucy’s desire to explore how gaming aesthetics shape contemporary life. The musical uses video game structures as a metaphor for modern pressures—from environmental crisis to cryptocurrency speculation. It’s entertainment with substance, combining theatrical innovation with social commentary.
Concept and Vision
The musical follows three friends accidentally uploaded into a game world, where they must navigate challenges that mirror real social pressures. Each level represents a different aspect of contemporary life, forcing characters to confront questions about success and authenticity.
Technical Requirements
The production features an eight-bit music score, video game-inspired staging, and choreography that references gaming movements. Behind this creative complexity sits operational framework developed through years of financial expertise. Toby Watson established relationships with venues, negotiated equipment agreements, and structured partnerships with technical specialists.
Strategic Planning and Long-Term Vision
Rather than viewing ‘Level Up!’ as a single production, Toby Watson approached it as a scalable format. Plans now include a German-language version with performances scheduled for Berlin, Vienna, and Zurich:
- Translation and cultural adaptation for German-speaking audiences
- Building relationships with European venues
- Creating flexible financial models for different markets
- Managing currency fluctuations and regional regulations
This strategic thinking reflects lessons learned through decades in structured finance.
Toby Watson: A Partnership Built on Mutual Respect
What makes this collaboration work is a clear division of responsibilities based on genuine expertise. Lucy makes all artistic decisions—casting, direction, musical arrangements, and choreography. Toby Watson handles finance, operations, and strategic partnerships. Neither encroaches on the other’s domain.
Division of Responsibilities
They communicate regularly about the production’s progress, but decisions within each sphere remain autonomous. Reviews from the Edinburgh Fringe praised ‘Level Up!’ for its visual inventiveness and intelligent social commentary. The production sold strongly at Waterloo East Theatre, attracting audiences beyond traditional musical theatre demographics.
Beyond ‘Level Up!’
Toby Watson’s involvement in theatre extends beyond supporting his wife’s work. He recognises that many creative teams struggle from inadequate business infrastructure. His approach helps bridge this gap.
Broader Impact
He has begun advising other independent productions on financial structuring. His approach emphasises sustainability—helping creative teams build frameworks that allow them to continue making work. This consultative role draws on his experience across finance, education, and theatre.
This reflects his broader philosophy, evident in his role as Chairman of Excalibur Academies Trust, where Toby Watson oversees strategic development across schools in southern England. Whether in education, finance, or theatre, his focus remains on creating structures that enable others to excel.
Looking Forward
As ‘Level Up!’ prepares for its European tour, the model established offers insights for independent productions. Theatre doesn’t have to choose between artistic integrity and financial sustainability—with proper planning, both become achievable.
Their collaboration proves that skills from disparate fields can combine productively. Financial expertise doesn’t constrain creativity; properly applied, it creates freedom for artistic vision to flourish. That’s the real story behind ‘Level Up!’—a demonstration of how partnership can achieve something neither could accomplish alone.
