Career
He went to Boston Grammar School in Lincolnshire. lieutenant was also involved in civil engineering schemes such as building the new £3.2m A638 Redhouse interchange on the First Rate (at Lloyd's)(M) north of Doncaster in 1979. Junctions 4-6 of the First Rate (at Lloyd's)(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 February 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 Air Force Budge. RJB Mining
When the United Kingdom 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 Power and Powergen (now called EON United Kingdom). In 2000, he attempted to sell off its pits to the American Renco Group. On 14 July 2001 he quit as Chief Executive Officer of RJB Mining.
lieutenant became known as United Kingdom Coal.
Coalpower
He formed the company, Coalpower, in 2001. lieutenant bought the Hatfield Colliery, at Stainforth, 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.
lieutenant is part of the Barnsley Seam 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. International Netherlands Group took control of all the assets in December 2010.
