It's refreshing to know that Americans aren't the only ones who can turn out crappy slasher movies. The same British team that did this one also made one of the more idiotic American slasher movies of the 1980's ("Slaughter High"), but here they abandon the stateside setting and the faux American accents to embrace their inherent Britishness while still making a movie that is every bit as inept and pathetic as their "American" effort.
In the seedier parts of London a mad killer is slashing men dressed as Santa Clause. Why? Believe me, you don't want to know, but never has there been a greater collection of drunken, lecherous reprobates than the Santa victims in this movie (Don't they screen their prospective Santa Claus candidates in London?). Between the drunks, potential child molesters, and garden-variety creeps, there isn't a unworthy victim among them. And if there is a mad Santa killer on the loose, why do they all insist on going everywhere dressed in their Santa duds? One sap even wears his costume into a peep show where (in a scene that, I think, is meant to be funny) he tells the stripper that he's not "the real one." Then there is nude fashion model who takes a guy out in the alley for a quickie dressed only in a Santa coat, and of course, meets the killer who luridly runs his knife down her nude body. (I'd complain about the gratuitous misogyny here, but it's one of the best scenes in the movie). On the gore side, we have an grossly overweight pervert Santa who is castrated in a urinal (a metaphor for the movie as a whole perhaps?)
Aside from the aforementioned gore and crumpet, this movie is mostly just boring. I'd term it as a London-based X-mas version of "The New York Ripper", but it's much more dull than tasteless. The only good thing I can say about it is I don't regret having watched it (mostly because it came as part of a dirt cheap 50-movie DVD compilation I recently bought). Don't go too far out of your way for this one though.