It was the early days of the Thatcher project. At the start of 1981, the free-market chill was about to lay waste to the Linwood car plant, Bobby Sands was beginning his fatal hunger strike and formerly militant unions were feeling cowed by the implications of the 1980 Employment Act. This was the era of Ghost Town by the Specials: economic desolation at No 1.

The outlook was bleak, but in a garment factory in Greenock, something remarkable happened. Furious at their American owners for proposing to move production to Northern Ireland where lucrative subsidies awaited, 240 workers occupied the Lee Jeans plant. Refusing to leave, the predominantly female workforce drew support from miners and dockers, Jimmy Reid and Michael Foot. Seven months later, the 140 still occupying reclaimed their jobs.

Frances Poet’s galvanising play, a co-production with the National Theatre of Scotland, follows in the tradition of Scottish workplace dramas such as John Byrne’s The Slab Boys trilogy, Roddy McMillan’s The Bevellers and Tony Roper’s The Steamie. The difference here is that no work can be done, no money earned, for as long as the dispute lasts.

In its place, director Jemima Levick’s sparkling ensemble tackle the challenges of a sit-in, from getting something to eat to rallying support. If boredom is not the enemy then the smoke pouring through the air vents is. Under Shonagh Murray’s musical direction, they keep spirits up with stripped-down renditions of period pop hits by Kim Wilde, David Bowie and Duran Duran. The Adam and the Ants title song is ecstatic and it is only a shame they do not reprise it at the end.

Theirs is a story of resistance and radicalisation. The women grow tall through the experience. With many of the original strikers present on the first night, Jo Freer carries the weight of responsibility as shop steward Helen Monaghan, while Chiara Sparkes marshals the wild energy of young campaigner Maggie Wallace. They are excellent and have steadfast support from Hannah Jarrett-Scott, Madeline Grieve and Aron Dochard.

Yet in spite of the celebration, Stand & Deliver is a play that tempers its optimism with bitter, working-class realism. The battle is won but not yet the war.

• At Tron theatre, Glasgow, until 9 May. Then touring until 10 June