While they would never regain the commercial success of "All Around My Hat", Steeleye remained popular among British folk rock fans and generally respected within the music industry. It has been widely reported that Peter Knight and Bob Johnson left the band to work on another project together, "The King of Elfland's Daughter". The actual situation was more complex. Chrysalis Records agreed to allow Knight and Johnson to work on "King" only as a way to persuade the duo to continue working with Steeleye. Since the record company had no interest in "King" for its own sake, it made no effort to market the album. Chrysalis' ploy failed, however, and Knight and Johnson quit.