In the weird world of the stage musical, the fact of a show's being an utter stinker is no guarantee of failure. Often it is the very opposite. The Queen tribute We Will Rock You opened to uniformly terrible reviews in 2002 and is still breaking box office records six years later. "Spain's No 1 hit" Peter Pan El Musical, judged dire by most critics, is now packing 'em in at London's Garrick Theatre.

What future, then, for Zorro, currently on tour and heading - it's said - for an as-yet-unnamed West End venue? Sensible money says it will prosper. Stinker though it certainly is, there are full houses at Milton Keynes this week. What's more, it is directed by Christopher Renshaw, who performed the same job on We Will Rock You, and it has, with Peter Pan, a very strong Spanish flavour. I am tempted to say that it has fairies, too, but this would be an unjustified slur on its star Matt Rawle. Camp as he is in his role as Diego - the aristocratic Spaniard fighting in disguise for the oppressed in the colonial outpost of California - he is very definitely one for the girls.

So sexually obsessed is he, indeed, that one cannot fail to think of that other legendary - er - swordsman, Russell Brand, whom Diego very closely resembles, both in appearance and mannerisms, when out of his Zorro togs. With more than a touch of Johnny Depp's pirate chief Jack Sparrow thrown in.

For eager birds he has a choice between the smouldering gypsy beauty Inez - one of the few fiery touches in this production, as played by Lesli Margherita - and the traditional American heroine as represented by goody-goody Luisa (Aimie Atkinson). Dismissive of Diego for his fecklessness and silliness, she only fancies him - though she doesn't know it's him - in his role as Zorro. At these times, our hero tends to be occupied rescuing her from the clutches of his brother (though he doesn't know he is), the arch-villain Ramon. He is played in hissable panto style by the former Royal Ballet star Adam Cooper. He proves (like the practised West End star Rawle) to have a fine voice, and even gets to do a bit of dancing (nobody gets to do very much).

The songs are supplied by the Gypsy Kings and include such hits as Bamboleo, Baila Me and Djobi Djoba. A ten-piece band under musical director James McKeon, featuring admirable soloists - guitar and trumpets in particular - keeps things swinging, but the very listenable music fails to compensate for Zorro's essential silliness. Whether in book form, on film or on television, Zorro has always been hokum. But at least it has been enjoyable hokum - which this show is not.