Contains spoilers for this episode and earlier episodes.
Grace follows an IRA contact while continuing her undercover work and kills him during their encounter. Campbell's investigation still depends on finding the stolen guns, but Grace is also becoming involved with the people she is watching. She offers Ada comfort over Freddie and accepts Tommy's invitation to Cheltenham, where she will pose as a wealthy Irish woman rather than a barmaid from the Garrison.
Tommy takes his brothers and their men to the races with a practical demonstration in mind. They recover money stolen from Billy Kimber's bookmakers by the Lees, then return it instead of dividing it among themselves. Tommy asks Kimber to hire the Peaky Blinders as racetrack security. In return, he wants a share of the proceeds and legal betting pitches that would give the family a recognised business.
Kimber turns the negotiation towards Grace, and Tommy agrees that she will spend time alone with him while the accountants discuss terms. Grace objects to being treated as part of the bargain. When Kimber tries to force himself on her, Tommy interrupts and gets her out by claiming she has an infection. The business talks have advanced, but the journey home leaves Grace demanding to know why Tommy offered her to Kimber and then changed his mind.