Tony Waddington (songwriter) then offered it to the demo musicians, provided that they would become an actual group. The musicians agreed, were named The Rubettes, and "Sugar Baby Love" became a UK number one hit in 1974, also reaching number 37 in the US chart. They wrote and produced all of the Rubettes' subsequent UK hits – nine Top 50 hits in all between 1974 and 1977 – winning an Ivor Novello Award as Songwriters of the Year, and also reached the UK Top 10 with "Sugar Candy Kisses" by Mac and Katie Kissoon. They set up their own record label, State Records,
Lola Versus Powerman and the Moneygoround, Part One the "Billboard" Hot 100 singles chart, staying on the charts for 14 weeks. It also peaked at #7 on the "Record World" charts. "Lola Versus Powerman and the Moneygoround, Part One" reached #35 on "Billboard", and on the "Record World" charts it peaked at #22, making it their most successful album since the mid-60s. The success of the singles and album allowed the Kinks to negotiate a new contract with RCA Records, construct their own London Studio, which they named Konk, and assume more creative and managerial control. The record also proved influential: Tom Petty told "Rolling Stone" that he