South Yorkshire’s ‘King Coal’ dies
SOUTH Yorkshire business man Richard Budge, dubbed ‘King Coal’ for his ventures in the mining industry, has died aged 69.
Mr Budge ran Doncaster-based RJB Mining, the predecessor of UK Coal.
Born in 1974 in Lincolnshire, Mr Budge died following a nine-year battle with prostate cancer on Monday July 18 at a hospice in Retford according to The Sheffield Star.
He joined the coal mining industry when he went to work for his brother Tony in the 1970’s before acquiring his brother’s business in 1992 for £102.5m.
In 1994 when the British coal industry was privatised, he bought the majority of the remaining pits for £815m, creating RJB Mining. The company ran into trouble in 2000 and was given £70m in Government aid.
Mr Budge stepped down a year later.
He created another company Coalpower in 2001, which bought the Hatfield Colliery. The colliery went bankrupt in 2003 owing £9m.
In 2009, Mr Budge’s vehicle Powerfuel secured funding for its £165m Hatfield fuel site, before going into administration in 2010 feeling the full force of the financial crisis.
Mr Budge, formerly chairman of the Coal Industry Social Welfare Organisation, was declared bankrupt in 2013, but was discharged from the status in 2014.
