The Imagine Village is what you'd call a super group.
Over the years, its lineup has included members of the United Kingdom folk music royalty such as Billy Bragg, Eliza & Martin Carthy, Simon Emmerson, The Trans Global Underground, Chris Wood and dhol drum master Johnny Kalsi. Each of the musicians comes to the collective with decades of musical excellence under their belts and an extensive catalog of tunes of their own. The re-imagination of English folk standards is the Imagined Village's game: they color well-worn chestnuts with musical traditions from around the former British Empire, occasionally updating the lyrics to reflect the current conditions and mood of the United Kingdom's citizens.
If it sounds like a familiar formula, it's because you've maybe seen it done before by the Afro Celtic Soundsystem. Both bands share guitar/cittern player Simon Emmerson as a driving force behind their music. This isn't appropriated music. It's multicultural music that draws together players from a myriad of traditions to honor the music of the past in a manner that's both exciting and new.
While "Cold, Hailey, Rainy Night" comes from a long tradition of "Night Visit" songs – music that features some dude whinging to a young lady that everything is terrible outside so she should let him in to warm up and uh, have sex. You'll hear it being kicked about the folk world, under various regional titles, around the world. This version, recorded in 1971 by by Steeleye Span, is likely one of the most recognized versions of it.