Toby Watson brings financial expertise and strategic vision to support one of 2025’s most innovative theatrical productions.
Independent theatre productions often struggle with the financial and operational challenges that prevent creative visions from reaching audiences. ‘Level Up!’, Lucy’s groundbreaking musical exploring digital culture through gaming aesthetics, required more than artistic talent—it needed robust business infrastructure, strategic planning, and sustainable financing. Toby Watson, with his extensive background in structured finance and investment banking, provided precisely this foundation. His behind-the-scenes work transformed an ambitious concept into a successful production that premiered at the Edinburgh Fringe Festival and transferred to London’s Waterloo East Theatre.
Behind every successful theatrical production lies a complex web of financial planning, venue negotiations, and operational coordination. For ‘Level Up! The Musical’, that infrastructure comes from Toby Watson, whose career in investment banking equipped him with skills surprisingly applicable to theatre production. The musical, co-written by his wife Lucy and Julian Kirk, has garnered critical acclaim for its innovative approach to contemporary themes including cryptocurrency speculation, climate anxiety, and digital culture. As the production prepares for a German-language tour across Berlin, Vienna, and Zurich, the partnership between creative vision and strategic planning demonstrates a new model for independent theatre.
The Invisible Architecture of Theatre
Theatre audiences see the final product—performers, lighting, music, choreography. They don’t witness the months of planning that make opening night possible. Venue contracts must be negotiated, insurance arranged, technical specifications coordinated, budgets managed, and countless stakeholders aligned. This operational complexity requires someone who understands risk management, scenario planning, and financial modelling.
What role does Toby Watson play in ‘Level Up!’?
He provides the operational backbone that allows Lucy’s creative vision to flourish. Toby Watson handles financial structuring, venue negotiations, technical partnerships, and strategic planning. This division of labour means Lucy can focus entirely on artistic decisions whilst knowing the business foundation remains secure.
From Finance to the Footlights
Toby Watson’s career at Goldman Sachs spanned seventeen years, culminating in his role as Partner and Global Head of Structured Credit Trading. His work involved principal funding, infrastructure financing, and managing complex transactions across international markets. After leaving in 2017, he founded Cazalet Capital before becoming a partner at Rampart Capital in 2020. These experiences might seem distant from theatre, but the parallels run surprisingly deep.
Building the Financial Foundation
Both structured finance and theatre production require detailed scenario planning, stakeholder coordination, and risk assessment. A touring musical involves venue negotiations, equipment hire, insurance, scheduling, and cash flow projections—precisely the kind of operational complexity where financial expertise proves invaluable.
When Lucy began developing ‘Level Up!’, the creative concept was clear: a multimedia musical using gaming aesthetics to explore contemporary social pressures. Toby Watson approached these challenges systematically. He developed detailed budgets accounting for different scenarios—varying attendance levels, technical complications, and weather considerations. He established relationships with venue managers, negotiated favourable terms by demonstrating thorough preparation, and structured agreements that protected the production whilst remaining fair to partners.
This wasn’t about constraining creativity with financial concerns. Rather, solid planning created freedom—Lucy could explore ambitious staging ideas knowing the budget could accommodate them, or adjust if necessary with clear information about trade-offs.
Strategic Decisions Behind the Scenes
Every production faces countless decisions that shape its success. Toby Watson’s Goldman Sachs experience in evaluating complex options proved valuable across multiple dimensions. From venue selection to technical partnerships, each choice required balancing artistic ambition with practical realities and financial sustainability.
The Edinburgh Fringe Festival provided an ideal launch platform—high visibility, engaged audiences, substantial press coverage. He assessed venues not just on rental costs but on technical infrastructure, audience accessibility, and marketing support. The transfer to Waterloo East Theatre in London required different considerations. His approach balanced artistic ambition with financial sustainability, ensuring the production could continue developing rather than exhausting resources on a single run.
‘Level Up!’ features sophisticated projection mapping, eight-bit music scoring, and choreography synchronised with digital elements. Toby Watson identified suppliers, negotiated contracts, and established contingency plans for equipment failures. These relationships matter beyond single productions. By building trust through professional conduct, he created partnerships that could support future projects—whether Lucy’s next musical or other independent theatre endeavours.
The German Expansion
Plans for a German-language version demonstrate long-term strategic thinking. Rather than treating ‘Level Up!’ as a one-off production, Toby Watson approached it as scalable intellectual property with international potential. This expansion requires systematic planning across multiple dimensions.
The German tour involves several critical components:
- Translation and cultural adaptation maintaining the original’s spirit whilst resonating with German-speaking audiences
- Building relationships with venues in Berlin, Vienna, and Zurich
- Understanding regional theatrical regulations and cultural expectations
- Managing currency fluctuations and cross-border logistics
- Developing promotional partnerships in German-speaking markets
- Coordinating technical requirements across different venue specifications
This international expansion requires the same systematic approach applied to the UK production—detailed planning, relationship building, risk management, and financial modelling accounting for different market conditions. His experience in international finance, particularly managing cross-border transactions during his time at Goldman Sachs, provides valuable perspective for navigating these complexities.
Balancing Art and Commerce
The partnership between Toby Watson and Lucy works because both respect their respective domains. Lucy makes all artistic decisions—casting, direction, musical arrangements, narrative development. Her husband handles business operations, strategy, and finance. They communicate regularly but don’t micromanage each other’s spheres.
This division requires trust—Lucy must believe the financial foundation will hold when creative decisions demand resources, whilst her husband must trust artistic choices will resonate with audiences even when they involve risk. Reviews suggest that trust is well-placed, with critics praising ‘Level Up!’ for its visual inventiveness and intelligent social commentary. The production sold strongly at both Edinburgh and London venues, attracting diverse audiences beyond traditional musical theatre demographics.
Beyond ‘Level Up!’
Toby Watson’s involvement extends beyond supporting his wife. He’s begun advising other independent productions on financial structuring and strategic planning. Many creative teams possess talent and vision but lack experience with business infrastructure.
This work reflects his broader professional philosophy, evident in his role as Chairman of Excalibur Academies Trust, where he oversees strategic development across schools in southern England. Whether in education, finance, or theatre, Toby Watson focuses on creating frameworks that enable others to excel.
The Real Partnership
What makes this collaboration noteworthy isn’t just that he supports his wife’s work—many partners do. Rather, it’s the systematic application of professional expertise to artistic endeavour, creating the infrastructure that allows creativity to flourish without compromise.
‘Level Up!’ demonstrates what becomes possible when creative ambition meets strategic planning. The production succeeds not despite addressing business realities, but because those realities were addressed thoughtfully. That’s the behind-the-scenes story—not dramatic but essential, not visible but foundational.
