Richard Budge
Encyclopedia
Richard John Budge is the Chairman of The Coal Industry Social Welfare Organisations.
in Lincolnshire
. He entered the coal mining
industry when he joined the company of Retford
-based (on West Carr Road) AF Budge, owned by his brother Tony, which ran opencast mines. It was also involved in civil engineering schemes such as building the new £3.2m A638
Redhouse interchange on the A1(M) north of Doncaster
in 1979; junctions 4-6 of the A1(M) in 1973; and junctions 1-3 of the M621
in 1975; the M181
and a section of the M180
near Scunthorpe
in 1978. The company also sponsored the Cheltenham Gold Cup
in 1988. In Feb 1992,Richard Budge bought the opencast coal and Plant division from the family business with venture capital backing from Schroder Ventures for circa £103m, a transaction approved by Charterhouse Ventures and Prudential Ventures which were preference shareholders of AF Budge. AF Budge, was majority owned by his elder brother Tony Budge.
and Powergen (now called E.ON UK
). In 2000, he attempted to sell off its pits to the American Renco Group
.
On 14 July 2001 he quit as CEO of RJB Mining. It became known as UK Coal
.
, in April 2004 from Hatfield Coal Company, helped by £7m of state aid. In late 2003, Coalpower went into administration.
with around 27m tonnes of coal reserves. A £1.2bn 900MW clean-coal IGCC
power station, known as the Hatfield IGCC Project, is to be built next to the colliery.ING took control of all the assets in December 2010.
near Gringley-on-the-Hill
, close to the A631
. He is a member of the Worshipful Company of Fuellers
.
He has also invested money in the Wiseton Stables.
Early life
He went to Boston Grammar SchoolBoston Grammar School
The Boston Grammar School is a selective grammar school and sixth form college for boys aged 11 to 18 and girls attending the sixth form aged 16–18 located in Boston, Lincolnshire, England....
in Lincolnshire
Lincolnshire
Lincolnshire is a county in the east of England. It borders Norfolk to the south east, Cambridgeshire to the south, Rutland to the south west, Leicestershire and Nottinghamshire to the west, South Yorkshire to the north west, and the East Riding of Yorkshire to the north. It also borders...
. He entered the coal mining
Coal mining
The goal of coal mining is to obtain coal from the ground. Coal is valued for its energy content, and since the 1880s has been widely used to generate electricity. Steel and cement industries use coal as a fuel for extraction of iron from iron ore and for cement production. In the United States,...
industry when he joined the company of Retford
Retford
Retford is a market town in Nottinghamshire in the East Midlands of England, located 31 miles from the city of Nottingham, and 23 miles west of Lincoln, in the district of Bassetlaw. The town is situated in a valley with the River Idle and the Chesterfield Canal running through the centre of the...
-based (on West Carr Road) AF Budge, owned by his brother Tony, which ran opencast mines. It was also involved in civil engineering schemes such as building the new £3.2m A638
A638 road
The A638 is a main road in England that runs between the A1 at Markham Moor in Nottinghamshire and Chain Bar Junction 26 of the M62 motorway south of Bradford in West Yorkshire....
Redhouse interchange on the A1(M) north of Doncaster
Doncaster
Doncaster is a town in South Yorkshire, England, and the principal settlement of the Metropolitan Borough of Doncaster. The town is about from Sheffield and is popularly referred to as "Donny"...
in 1979; junctions 4-6 of the A1(M) in 1973; and junctions 1-3 of the M621
M621 motorway
The M621 motorway is a short loop of motorway in England that takes traffic into central Leeds between the M1 and M62 motorways. It is the second longest motorway in the United Kingdom to carry a three digit number although it carries more junctions than any other three digit motorway within the...
in 1975; the M181
M181 motorway
The M181 motorway links the town of Scunthorpe, England, to the M180 motorway. A spur of the M180, the road is virtually straight through its entire length...
and a section of the M180
M180 motorway
The M180 motorway is a short but major motorway in England from junction 5 on the M18 motorway in the Metropolitan Borough of Doncaster to a point close to Humberside Airport some from the ports of Immingham and Grimsby and the east coast and provides access for major routes to Cleethorpes,...
near Scunthorpe
Scunthorpe
Scunthorpe is a town within North Lincolnshire, England. It is the administrative centre of the North Lincolnshire unitary authority, and had an estimated total resident population of 72,514 in 2010. A predominantly industrial town, Scunthorpe, the United Kingdom's largest steel processing centre,...
in 1978. The company also sponsored the Cheltenham Gold Cup
Cheltenham Gold Cup
The Cheltenham Gold Cup is a Grade 1 National Hunt chase in the United Kingdom which is open to horses aged five years or older. It is run on the New Course at Cheltenham over a distance of about 3 miles and 2½ furlongs , and during its running there are twenty-two fences to be jumped...
in 1988. In Feb 1992,Richard Budge bought the opencast coal and Plant division from the family business with venture capital backing from Schroder Ventures for circa £103m, a transaction approved by Charterhouse Ventures and Prudential Ventures which were preference shareholders of AF Budge. AF Budge, was majority owned by his elder brother Tony Budge.
RJB Mining
When the UK coal industry was privatised in 1994, Budge bought most of the pits for £815m, forming RJB Mining, which he had started in 1992 after buying his brother's opencast business division for £102.5m. This led to Budge being christened King Coal. When the Labour government came to power, Budge informed the government that ten pits would have to close unless he secured long-term contracts from the electricity generators National PowerNational Power
- History :National Power was formed following the privatisation of the UK electricity market in 1990. In England and Wales the Central Electricity Generating Board, which was responsible for the generation and transmission of electricity was split into three generating companies Powergen, National...
and Powergen (now called E.ON UK
E.ON UK
E.ON UK is an energy company in the United Kingdom and a subsidiary of E.ON, the world's largest investor-owned power and gas company. As Powergen, it was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but since 1 July 2002 has been owned by E.ON AG of...
). In 2000, he attempted to sell off its pits to the American Renco Group
Renco Group
Renco Group is a New York City-based holding company controlled by Ira Rennert that invests in other companies across a range of industries.-History:...
.
On 14 July 2001 he quit as CEO of RJB Mining. It became known as UK Coal
UK Coal
UK Coal plc is the largest coal mining business in the United Kingdom. The Company is based in Harworth, in Nottinghamshire. It is listed on the London Stock Exchange and is a former constituent of the FTSE 250 Index.-History:...
.
Coalpower
He formed the company, Coalpower, in 2001. It bought the Hatfield Colliery, at StainforthStainforth, South Yorkshire
Stainforth is a small town and civil parish in the Metropolitan Borough of Doncaster, in South Yorkshire, England. It is located roughly north-east of Doncaster, close to Hatfield and Thorne. It has a population of 6,342.-Etymology:...
, in April 2004 from Hatfield Coal Company, helped by £7m of state aid. In late 2003, Coalpower went into administration.
Powerfuel
His company, Powerfuel, is 48% owned by Budge and 52% owned by KRU, Russia's second biggest coal company. In April 2007, he re-opened the pit at Stainforth, at a cost of £100m, financed by £50m from VTB Bank. It is part of the Barnsley SeamCoal Seams of the South Yorkshire Coalfield
The coal seams worked in the South Yorkshire coalfield lie mainly in the middle coal measures. These are a series of mudstones, shales, sandstones, and coal seams laid down during the Carboniferous period about 350 million years ago...
with around 27m tonnes of coal reserves. A £1.2bn 900MW clean-coal IGCC
Integrated Gasification Combined Cycle
An integrated gasification combined cycle is a technology that turns coal into gas—synthesis gas . It then removes impurities from the coal gas before it is combusted and attempts to turn any pollutants into re-usable byproducts. This results in lower emissions of sulfur dioxide, particulates, and...
power station, known as the Hatfield IGCC Project, is to be built next to the colliery.ING took control of all the assets in December 2010.
Personal life
He is married to Rosalind and lives at Wiseton Hall at Wiseton in north NottinghamshireNottinghamshire
Nottinghamshire is a county in the East Midlands of England, bordering South Yorkshire to the north-west, Lincolnshire to the east, Leicestershire to the south, and Derbyshire to the west...
near Gringley-on-the-Hill
Gringley-on-the-Hill
Gringley-on-the-Hill, Nottinghamshire, is an English village and parish. It is on the highest part of the road from Bawtry to Gainsborough, six miles east-southeast of the former, and the same distance west by north of the latter town.- Location :...
, close to the A631
A631 road
The A631 is a road running from Sheffield, South Yorkshire to Louth, Lincolnshire in England. It passes through the counties of South Yorkshire, Nottinghamshire and Lincolnshire. The road has many towns on its route including Rotherham, Maltby, Gainsborough and Market Rasen. It is mostly single...
. He is a member of the Worshipful Company of Fuellers
Worshipful Company of Fuellers
The Worshipful Company of Fuellers is one of the Livery Companies of the City of London. It is now associated with the whole energy sector, but has its roots in coal: the Fuellers, or coal traders, were originally members of the Woodmongers' Company, which became defunct in the eighteenth century....
.
He has also invested money in the Wiseton Stables.