The Set were from Birmingham and, outside of that, I know nothing else about them.
There was a 7" version of this record that didn't include the song Situation Desperation and it had a shorter version of Nothing to Lose. (The 7" version of Nothing to Lose is included in this download.)
The back cover doesn't give much information but my copy was signed by the band so I have a few names to go off of to find more info but they're first names: Phill, Mick, and a few I can't discern. They don't help much but I appreciate one band member's signature. Apparently he's called Baz
...as far as I know this is their only release.
A - Nothing to Lose
B1 - Situation Desperation
B2 - If I Had the Chance